The changes result in a number of senior staff leaving the company and the formation of new roles within the organisation.
All Kensington’s risk functions will now be brought together and will be headed by former head of underwriting Richard Anderson, who becomes credit and risk director.
Kensington are also actively recruiting for a new chief operating officer (COO) following the merger of all operations – front and back-office plus new business. Clare Law, currently director of customer management, will be leaving the company with her role absorbed within that of the COO.
Finally, Kensington is recruiting a new director of marketing and strategy following Alastair Pate’s decision to leave the company .
John Maltby, chief executive of Kensington Group, said: “Kensington Mortgages is now a much bigger business than it has been. The reorganisation recognises that as you grow as a company you need structures that better fit your size. By doing this we don’t think we’ll lose our entrepreneurial spirit.”
Maltby acknowledged the work of those leaving. “Obviously we are sad to see Alastair, Clare and Roy go but they understand the way we are going and support the reorganisation,” he said.
Commentators believe Kensington is reacting to the increased competition it faces in the non-conforming sector. Rob Clifford, managing director of Mortgageforce, said: “Kensington invented out and out non-conforming broker lending and it was some time before they met with any serious competition. They are now also facing competition from some mainstream lenders who are developing products in the off-prime sector. Therefore it is not surprising to see them engaged in some fairly radical overhauls to ensure that they remain competitive.”
