View more on these topics

GMAC-RFC move puts HML employees at risk

JULIAN WELLS: STAFF HAVE TUPE RIGHTS
JULIAN WELLS: STAFF HAVE TUPE RIGHTS

HML has started a voluntary redundancy programme after GMAC-RFC decided to move its mortgage book inhouse.

The GMAC-RFC book is moving to Bracknell and all staff working on the contract have the option to move with it under Transfer of Undertakings
(Protection of Employment) regulations.

TUPE rights apply when the identity of your employer changes during a business transfer. Julian Wells, marketing director at HML, says: “Employees working on the GMAC-RFC mortgage account have TUPE rights. We have started a voluntary redundancy programme.

We hope to avoid making any compulsory redundancies.”

GMAC-RFC’s mortgage book amounts to £3.6bn – 12% of HML’s total £44bn loan book.

GMAC-RFC’s decision to move inhouse comes after the former lender was taken over by Fortress Investment Group in April this year.

Talks are being held between GMAC-RFC and HML about restructuring the two firms’ relationship, which includes the possibility of GMACRFC
using HML’s systems inhouse.

The total assets under HML management amounted to £44.9bn at the end of 2009 compared with £47.1bn in 2008.

But profits plunged from £15.8m in 2007 to £8m in 2008 and £3.4m in 2009. Yet the number of employees only fell from a 2007 high of 1,954 to
1,837 in 2009.

Earlier this year the company moved into a purpose-built head office in Skipton.

Recommended

Week in NUMBERS

£1.9bn – the amount that Christmas shoppers will spend on their credit cards in the run-up to December 25th, according to Sainsbury’s Finance. £2,000- the amount UK present buyers throw away by failing to plan their purchases in advances, according to First Direct. 15°C – the temperature experts recommend you keep your heating at to […]

PHIL_WHITEHOUSE.jpg

60 Seconds with…Phil Whitehouse

PHIL WHITEHOUSEHEADTHE MORTGAGE ALLIANCE HOW WAS 2010 FOR TMA?At TMA we managed to hit the majority of our business objectives and made some positive changes to the business. It was a good year for our customer service strategy and we have worked hard to build some productive and long-lasting relationships. DO YOU THINK MORE LENDERS […]