End of an executive era By Sarah Davidson


Last month was a veritable bonfire of the chief executives with no fewer than five senior mortgage industry captains stepping down from their posts in the space of seven days. Stephen Knight, (far left)


chief executive of Portillion, stepped down after being di- agnosed with a brain tumour; george Patellis, (centre left) chief executive of tiuta, quit due to “family and personal cir- cumstances”; michael coogan, (centre) director general of the cmL, threw in the towel after 15 years to pursue new chal- lenges; mike Lazenby, (centre right) chief exec of oneSav- ings Bank, bowed out and iain cornish, (far right) chief executive of Yorkshire Build- ing Society, said he would step down later this year.


King and Oscars


by Robert Sinclair director AMI


2011 has started with the expected conflicting mes- sages. the level of intermedi- ary business continues to be robust with the very limited numbers of first time buyers preferring the advised inter- mediary route. the first time buyer plight has caught the attention of the Housing min- ister, but the summit he called merely brought commitment of more talks. one can’t help but wonder if the wrong people were in the room. it was those with great industry


Knight’s diagnosis spurred


a flood of good wishes from the industry. mike Fitzger- ald, director of essex-based the emBa group, said: “this is such sad news. Ste- phen Knight is one of guys that has done so much for the broker market and has also been such a dynamic force in the mortgage industry. i wish him a speedy recovery.” clive Hancocks from Hor-


sham-based mortgage Solu- tions said: “i wish Stephen all the best. When i worked with him at citibank in the early 80s, he was an inspiration. a total “whirlwind”. Such an ac- tive and imaginative brain. But most of all, it was his amazing sense of humour that kept the team going. i hope that he re- covers quickly!”


knowledge but no power to act. if results are what is genuinely wanted then i feel a change of casting director may be required. With inflation continuing to


dog the economy, base rate re- mains as low as it can be. the only way is up and two small moves this year look most likely. may and September are my preferred bets. Shoe-in for the best supporting actor oscar has to be mervyn King as he steadfastly steers the ship through the inflationary waters not allowing such ir- ritants to deflect from broader policy issues. Stormy waters still at the


FSa as its top brass continue to exit the building leaving that boat lacking in senior officers and with its credibility still holed below the water- line. this lack of experience


gary Bush, director of


www.mortgageShop.com, said: “Best wishes and speedy re- covery from the team here, he is a fighter – but that’s a Spurs fan for you!” gerald gregory, Portil-


lion chairman, added: “We wish Stephen the best, and would like to note his enor- mous contribution over the years, and thank him for all of his inspiration and hard work.” david Hill, formerly Portil-


lion’s cFo, is appointed ceo. Barry Searle remains as coo. in the bridging commu-


nity, tiuta’s board has begun a search for a successor while in the intervening period Steven nicholas will assume the role of interim ceo.


is beginning to see too many disjointed and poorly executed initiatives landing on an industry still struggling to ab- sorb the previous changes in approach. i am minded of the team suffering three coaches in a season who cannot quite remember which pre-arranged play is still on the list or which type of pass is expected. that the mmr does not


look like being implemented in 2011 is no comfort to all of us still involved in debat- ing the new rules. the lack of clarity as the compulsory entry of “best overseas film” into the uK category through an eu mortgages directive, delivers a quandary. We are having to fight on two fronts as the Brussels legions now descend on our market, so we must en- sure that this does not deliver any surprising outcomes.


of coogan’s departure, Vim


maru, executive director for retail products at Santander and deputy chairman of the cmL, said: “michael has suc- cessfully managed the cmL through the financial crisis. We are sorry to see him go and thank him for his contribution to mortgage lenders.” meanwhile malcolm mc-


caig, chairman of oneSavings Bank, said of Lazenby: “mike played a key part in the cre- ation of oneSavings Bank and in doing so has helped protect the interests of members. Hav- ing achieved this, mike and the board have agreed that the time is right for him to step down from his position as ceo. We wish him well in his future endeavours.”


Finally, the proposal to


move second charge loans to FSa and the mcoB rule book is liable to raise the bar on advice considerably. Proposals for the need to consider a further advance before a re- mortgage would be further clouded if seconds are brought into this land- scape too. By consolidating into one


rule book it may be their demise rather than the growth route envisaged. So the best newcomer may face a premature end at the hands of their new director. But there is still time for discussion and compromise. is there anyone on the bridge of the good ship FSa sufficiently senior who understands lending mixed with social policy issues capable to influence the pro- ductionand win the day?


mortgage introducer MARCH 2011 5


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56