Malone speaks out about PMS decision

John Malone, managing director at PMS has spoken out about why he decided to stay with the mortgage club, citing current market conditions as his main reason for staying.

Malone says: “I thought things would be pretty awful this year, but even I didn’t expect the seriousness of the situation. It was felt because I had been through this situation on a number of occasions it would be more preferable at this time for the current management team to stay on, rather then try to bring in a new person.

“I was asked if I was still happy to carry on working and the answer was yes. We felt if a new person came in it would not be fair on that person, and it would have been better for me to step away from the company altogether.

“Many people have made an analogy between me and Sir Alex Ferguson, when he decides to retire I doubt that he will take any other position within Manchester United, they may well invite him back later to take some kind of overview, but I think you have to allow that new person to manage in their way.”

Steve Atkins had been in line to succeed PMS until he unexpectedly resigned as head of Premier Mortgage Services in September 2007, other names had been linked to the role, including Linda Will, former managing director of Accord Mortgages.