John Malone to stay on at PMS until 2013

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

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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’s 15th anniversary celebration in London last night.

Malone told 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 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 that we have ever known, PMS is seeing its figures go from strength to strength. In 2011 our figures were up on 2010 and we passed the £250bn barrier for mortgage business.”

Higginson says 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 means PMS is well positioned to make sure its DAs are submitting quality business.

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