Bank reduces first charge team, with reported redundancies

Lender confirms it's refocusing its business

Bank reduces first charge team, with reported redundancies

Digital lender Tandem Bank has scaled back its first charge team, reportedly resulting in redundancies.

The lender today confirmed in a statement that it was refocusing its approach, with a strategic decision to accelerate the growth of its 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,” it commented. “We are supporting the small number of impacted colleagues and aim to offer redeployment opportunities wherever possible.”

A spokesperson 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.” 

Separately,  Tandem’s director of mortgage division sales and distribution, Roger Morris (pictured), put out a statement saying: “Last week's 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.”
Morris said his immediate priority is to support Richard Angell, Mark Shelper, and David Venn who, he said, have been “an amazing group to lead”. He urged any firm that is looking for exceptional sales people, with excellent technical knowledge, to contact his three colleagues.
He added: “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.”

Morris still lists his role at Tandem as current on his LinkedIn profile, but also describes himself as a freelance specialist lending business leader / strategic engagement director from this month.