John Malone will head PMS for two more years to help ride out recession

John Malone, chairman of PMS, has extended his contract with the company until December 2013.

Malone’s contract was due to expire in December 2012, but he will now stay on for a further 12 months.

He revealed his decision at PMS’ 15th anniversary celebration in London last Wednesday.

Malone tells Mortgage Strategy: “I’m enjoying working with the people around me and by 2013 hopefully we will be through the worst of the recession and I can pass on the business to my colleagues with a bit more light showing at the end of the tunnel.”

George Higginson, chief executive of Sesame Bankhall Group, says PMS is going strong.

He told attendees at the event: “In the middle of one of the worst recessions we have ever known, PMS is seeing its figures go from strength to strength.

“We are pleased that Malone will be continuing in his role for another two years as it will enable us to continue benefiting from his huge experience as we work through these challenging times and build a bright future for our profession.”

Higginson also told attendees that the directly authorised sector is becoming a two-tier market, made up of those that submit quality business and those that don’t.

He says Malone’s work on the National Fraud Authority’s Mortgage Fraud Forum positions PMS well to ensure its DA firms are submitting quality business.

PMS is part of Sesame Bankhall Group, which was formed in October 2009 following Sesame’s acquisition of PMS and Bankhall from Skandia UK.