The four directors who resigned from Chester-based lender The Mortgage Business earlier this year are believed to have been carpeted by HBOS for breaching solicitation agreements in their employment contracts.Former TMB managing director Bill Dudgeon, sales director Mark Bergin and fellow TMB directors David Parry and Paul Graham quit in September to spearhead the launch of a specialist lender for Deutsche Bank. All four are still employed by HBOS but were put on gardening leave as soon as they resigned. It has since emerged that the four may have breached a solicitation agreement in their HBOS contracts after a recruitment advertisement placed by Venatus Business Intelligence for a new Chester-based lender appeared in the Chester Chronicle and Mortgage Strategy magazine. Contractual obligations in their HBOS contracts mean that none of the former TMB directors can approach current TMB employees about Deutsche Bank’s new proposition. One source says: “If you place a recruitment advert in a magazine and you know that your former staff read that publication it can be classed as solicitation.” The advert, recruiting for a marketing manager, regional sales managers, a head of underwriting; national account managers, mortgage underwriters, a mortgage product manager, a credit risk manager and an operational risk manager reads: “Our client is a new lender supported by a major European Bank that is one of the world’s leaders in Financial Services… The positions will be both Chester-based and nationwide.” Paul Fincham, press officer for HBOS, says: “There’s little we can say other than we are in communication with Bill, Mark, David and Paul.” Meanwhile it has also emerged that Deutsche Bank’s Colin Vidler is the man charged with constructing the group’s new UK specialist lender. Vidler is a business manager in Deutsche Bank’s securitised products group. Mortgage Strategy can also reveal that Patrick Day, former managing director of packaging network Exclusive Connections, has been advising Vidler and Deutsche Bank in a consultancy capacity. During Day’s tenure at Exclusive Connections the group was one of the largest introducers to TMB – which could go some way to explain why Deutsche Bank pounced on the TMB people. Deutsche Bank declined to comment.
Swaps continued to fall from their recent highs, though I still believe we will have to wait another week or so before lenders start to reduce their fixed rates.
Sub-prime and other specialist lending areas are a growing sector of the market, expanding at double the rate of mainstream lending.
Houses built as affordable homes for nurses and teachers are standing empty despite lengthy waiting lists, the government has admitted. Yvette Cooper, housing minister, said in a written statement to the House of Commons that more than a third of the homes built as part of New Labour’s Key Worker Living scheme are standing empty […]
Sporting gloryMole racked his brains this week at the Tommy’s Sports Quiz at The Brewery in the City of London, courtesy of Chelsea and finished a wholly respectable 10th out of 24 teams. As well as rubbing shoulders with sporting luminaries including British sprinter Darren Campbell and former Arsenal defender Nigel Winterburn, Mole was treated […]
The era of loose monetary policy created an environment that rewarded passive investors in the US. However, with the US raising interest rates for the first time since 2006, Felix Wintle explains why he believes active investing will be more important than ever. In the video Felix discusses: The rising cost of capital and its […]
News and expert analysis straight to your inboxSign up