Shearman, mortgage, protection and general insurance proposition director for Openwork, said: “The redundancies are across the business, which is around 70% investments and pensions. They come ahead of the Retail Distribution Review and the potentially big impact that will have. We are getting ourselves in line for that.
“However I am quite happy with the business' performance particularly around the mortgage and protection spaces. May was our strongest month this year and we’re pleased with how competitive the rates out in the market are looking. Remortgage business has really started to kick in over the past few weeks – mortgages are gradually nudging up and have been looking quite good recently.”
Shearman confirmed that earlier this month 15 people had been put on notice of redundancy across the business, which has more than 400 employees.
Operations, payments, quality and marketing are all areas affected by potential redundancies.
