Mortgage Choice reshuffle
Mortgage Choice will be ‘restructuring’ a number of its senior management roles, with current staff to be replaced as part of a “cost savings exercise”.
The following positions will be affected by the changes: head of marketing, national corporate affairs manager, training manager, national recruitment manager and company secretary.
The estimated full year impact of the changes in 2009-10 is a cost saving of $1.2 million, while the 2008-09 impact sits at $600,000.
Managing director Paul Lahiff said: “The company has always regarded cost management as a critical aspect of its operations and this removal of an effective layer of management is a further example of this.”
A number of financial services groups have sought to increase their holdings in the Mortgage Choice recently. Count Financial lifted its stake in Mortgage Choice to 15.2 per cent earlier this month, while the Commonwealth Bank has also indicated an interest in the company.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
