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Redundancies at Y3S

Specialist broker Y3S Group is making a number of redundancies in its life insurance department.

Matt Cottle, director of Y3S Group, says 24 staff have been placed into consultation, with 19 redeployed into other Y3S companies.

Cottle says others are yet undecided and decisions will be made in the next few days, but he imagines there will be five redundancies altogether. 

He adds: “We are no longer selling life insurance and increasing staff numbers in our loans and bridging departments.”

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  • ********* 28th September 2011 at 12:07 pm

    Hi there this is all false information they have put 20 plus people out of a job and as much as i feel sorry for these people, it was the best day of my life hearing that y3s was loosing everything and i hope the 3 people that run it loose everything. lets see how they like it, you could of had it all but now you will have nothing.

  • ********* 28th September 2011 at 12:05 pm

    Hi there this is all false information they have put 20 plus people out of a job and as much as i feel sorry for these people, it was the best day of my life hearing that y3s was loosing everything and i hope the 3 people that run it loose everything. lets see how they like it, you could of had it all but now you will have nothing.

  • steve Walker 14th September 2011 at 3:55 pm

    Not surprised by these comments. Y3S have always been the masters of spin although we have another word for it where I come from.
    Shame these employees have been turned over but it make a change from brokers being on the recieving end.

  • Doris 14th September 2011 at 11:36 am

    My sympathy to those affected. Hope you find something soon.

  • Anon 13th September 2011 at 11:07 am

    @?!? | 8 Sep 2011 1:38 pm

    Not surprised you didn’t get a job, your grammar is appalling!

  • HW 13th September 2011 at 10:24 am

    It is always sad when anyone is made redundant. However, was I surprised the company was Y3S? Definitely not!

  • Tanya 13th September 2011 at 10:05 am

    One of the members of staff told me about this article and I have to say having read it I cannot believe that the director of Y3S would have the brass nerve to just outright lie about what happened, so I want to put the record straight. My partner was one of around 24 people told they could be out of a job as it happens only 10 people were offered alternative employment as Y3S had set up a fee charging unsecured loan department. My other half told me about this and having worked for other companies that charge these fees he was dead against it. He now works for another insurance brokerage luckily for us. He had worked for Y3S for a couple of years and his redundancy pay: 1 weeks wages and no notice period. They make a big hoorah about being Employer of the Year 2007 well a heck of a lot must have changed since then. Last year 2 of my boyfriends bosses walked out and a third sales director in a different part of the company walked out a week later, my partner and his colleagues couldn’t figure out why, it seems that this is rotten from the top down and back up again and it is the staff who are the last to know.
    I have hidden my name as my other half will be chasing down redress through my colleagues at ACAS to recoup the redundancy money he is due.

  • Tanya 13th September 2011 at 10:04 am

    One of the members of staff told me about this article and I have to say having read it I cannot believe that the director of Y3S would have the brass nerve to just outright lie about what happened. My partner was one of around 24 people told they could be out of a job as it happens only 10 people were offered alternative employment as Y3S had set up a fee charging unsecured loan department. My other half told me about this and having worked for other companies that charge these fees he was dead against it. He now works for another insurance brokerage luckily for us. He had worked for Y3S for a couple of years and his redundancy pay: 1 weeks wages and no notice period. They make a big hoorah about being Employer of the Year 2007 well a heck of a lot must have changed since then. Last year 2 of my boyfriends bosses walked out and a third sales director in a different part of the company walked out a week later, my partner and his colleagues couldn’t figure out why, it seems that this is rotten from the top down and back up again and it is the staff who are the last to know.
    I have hidden my name as my other half will be chasing down redress through my colleagues at ACAS to recoup the redundancy money he is due.

  • Steven Watergate 12th September 2011 at 3:52 pm

    I work in the industry. When companies behave like this it is always leaves providers out of pocket, has knock on effects to others trying to do a good job (and not just make as much money as quickly as possible regardless of the consequences) and most importantly undermines consumer confidence. Well done y3s, another fine mess you have made. When will the regulatory bodies step in a stop these jokers from trading???

  • ProLife 12th September 2011 at 1:40 pm

    Well Said.

    At least 15 people are now out of work, not 5. Why release incorrect figures?

  • Ex-Employee 12th September 2011 at 1:26 pm

    Worked for this outfit for some time. Dodgy as hell…

  • - 12th September 2011 at 12:37 pm

    that comment is true…cottle is a liar same as Barney Drake or Daniel Drake whichever name he is using these days!! The company is an absolute joke the unfortunate people who have been made redundant will not be paid their commission just like everybody else who left the company in the past…they were due to be investigated by the fsa which is why they closed the life assurance department because they were non disclosing important information on applications and tying people into contracts ILLEGALLY!! as for keeping 19 staff another LIE as 20 have already been told there is no jobs in any other departments at Y3S, they are going down the yesloans route now selling unsecured loans which wont last long they are a sinking ship and sinking fast

  • - 12th September 2011 at 12:35 pm

    that comment is true…cottle is a liar same as Barney Drake or Daniel Drake whichever name he is using these days!! The company is an absolute joke the unfortunate people who have been made redundant will not be paid their commission just like everybody else who left the company in the past…they were due to be investigated by the fsa which is why they closed the life assurance department because they were non disclosing important information on applications and tying people into contracts ILLEGALLY!! as for keeping 19 staff another LIE as 20 have already been told there is no jobs in any other departments at Y3S, they are going down the yesloans route now selling unsecured loans which wont last long they are a sinking ship and sinking fast

  • Francesca Mitton 10th September 2011 at 5:58 pm

    You have to take whatever Y3S say with a large pinch of salt. When the current lot cotton on to the scams they pull, they move them on and recruit new staff. There are many dodgy layers to this company.

  • kj 8th September 2011 at 3:50 pm

    with grammer like that I’m not suprised their is redundancies!!!

  • ?!? 8th September 2011 at 1:38 pm

    I’m sorry but this ain’t true, 24 of us was put into consoltation, only a few was offered roles with an unsecured department set up to charge clients upfront fees for loans they have not even been approved. In fact when I turned up for my consoltation I had to walk past the new team working so I ad no chance! To my knowledge there was no other opportunities within the other departments everyone I know wasn’t notified of them. I have not given my name because we was told that if we spoke openly we would not get paid, thanks for nothing

  • ?!? 8th September 2011 at 1:37 pm

    I’m sorry but this ain’t true, 24 of us was put into consoltation, only a few was offered roles with an unsecured department set up to charge clients upfront fees for loans they have not even been approved. In fact when I turned up for my consoltation I had to walk past the new team working so I ad no chance! To my knowledge there was no other opportunities within the other departments everyone I know wasn’t notified of them. I have not given my name because we was told that if we spoke openly we would not get paid, thanks for nothing

  • Howard Bowes 7th September 2011 at 4:47 pm

    Given that it is said David Cole (Ex Trustguard Credit Services Limited) is remoured to be behind Y3S, it is no surprise