Tandem Bank has made the decision to dial back its first charge mortgage offering.
This decision from the board will see Tandem decrease its existing presence within the first charge market, and make reductions to its current sales team.
As part of these personnel changes, Roger Morris, director of mortgage division sales and distribution, will be made redundant, along with Richard Angell, Mark Shelper, and David Venn.
According to LinkedIn, Nigel Brookes will be stepping into Morris’ role.
Morris said: “[The] board decision at Tandem Bank to reduce first charge lending has resulted in the unfortunate redundancy of the first charge sales team.
“There’s always disappointment when a journey is cut short, but I do know our educational webinars garnered the attention of thousands of mortgage professionals, highlighting the growing need for education under Consumer Duty.
“My immediate priority is to support Richard Angell, Mark Shelper, and David Venn who have been an amazing group to lead, if any firm is looking for exceptional sales people, with excellent technical knowledge I would contact Richard, Mark or David now.
“I am similarly impacted by this news and in a fortunate position of already having supportive and interesting conversations.
“I would welcome more conversations, but my first priority is to my team, to showcase their star qualities and help them find their next opportunity.”
A spokesperson from Tandem said: “Tandem has been on a journey of significant transformation establishing itself as the UK’s greener digital bank; including breaking into profitability in 2022 and further growth last year which will be reflected in our annual report and accounts due in the coming weeks.
“As we chart our course for future growth and success, it’s important that we focus our resources on core markets and areas of maximum opportunity – especially as we navigate the ever-evolving fintech landscape and continue to support the UK’s transition to a lower carbon lifestyle.
“With this in mind, we’ve taken the strategic decision to accelerate the growth of our Home Improvement business as it expands into new, ‘greener’ markets and product lines.
“Whilst we will remain in the first charge market, the strategic refocus will see a reduction in our growth plans for this market, leading to a reduction in the size of the first charge sales team.
“We are supporting the small number of impacted colleagues and aim to offer redeployment opportunities wherever possible.”
