Redundancies at Y3S
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Specialist broker Y3S Group is making a number of redundancies in its life insurance department.
Matt Cottle, director of Y3S Group, says 24 staff have been placed into consultation, with 19 redeployed into other Y3S companies.
Cottle says others are yet undecided and decisions will be made in the next few days, but he imagines there will be five redundancies altogether.
He adds: “We are no longer selling life insurance and increasing staff numbers in our loans and bridging departments.”
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Readers' comments (6)
?!? | 8 Sep 2011 1:38 pm
I'm sorry but this ain't true, 24 of us was put into consoltation, only a few was offered roles with an unsecured department set up to charge clients upfront fees for loans they have not even been approved. In fact when I turned up for my consoltation I had to walk past the new team working so I ad no chance! To my knowledge there was no other opportunities within the other departments everyone I know wasn't notified of them. I have not given my name because we was told that if we spoke openly we would not get paid, thanks for nothing
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Anonymous | 12 Sep 2011 1:40 pm
Well Said.
At least 15 people are now out of work, not 5. Why release incorrect figures?
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Anonymous | 12 Sep 2011 3:52 pm
I work in the industry. When companies behave like this it is always leaves providers out of pocket, has knock on effects to others trying to do a good job (and not just make as much money as quickly as possible regardless of the consequences) and most importantly undermines consumer confidence. Well done y3s, another fine mess you have made. When will the regulatory bodies step in a stop these jokers from trading???
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HW | 13 Sep 2011 10:24 am
It is always sad when anyone is made redundant. However, was I surprised the company was Y3S? Definitely not!
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Doris | 14 Sep 2011 11:36 am
My sympathy to those affected. Hope you find something soon.
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Anonymous | 14 Sep 2011 3:55 pm
Not surprised by these comments. Y3S have always been the masters of spin although we have another word for it where I come from.
Shame these employees have been turned over but it make a change from brokers being on the recieving end.
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