Richard Griffiths, chief executive of Network Data Holdings, admitted that three members of staff had joined Home of Choice in recent months but this had not affected the company.
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Griffiths said: “We have lost a few field-based compliance people but that’s just business. The first went in February and a couple have followed since. However, we always adopt the attitude that we will find better people to replace them so we’re not worried.”
However, one unnamed source said that more were set to follow and blamed the company’s increasing focus away from its core business.
“Network Data has, over the past couple of years, diversified substantially and lost its focus on the network. Being a quoted company, it is being driven by the demands of shareholders and not meeting what may be required by the business.”
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Linda Will, managing director of Accord Mortgages, said:
“It was always an interesting tactic to focus on the small guys because even if you have got everyone working in the same direction, it’s very difficult to ensure you have the span over all of these brokers who are independently minded and focused on their own businesses. Against a backdrop of the FSA looking at small firms, they will be looking at the networks to ensure they can cope with their needs so you must have the bodies on the ground.”
