It’s also goodbye to full-time work in general, said Crocker, speaking exclusively to Mortgage Solutions editor Victoria Hartley, but this isn’t retirement, confirming he will leave the group in the new year.
“I’ve taken this moment to say I won’t be putting my hat in the ring for roles available at Legal & General. I could stay but I’ve chosen to take this moment to trigger a long pondered life plan to explore the world of part time working, including a serious look at non-executive directorships and Trustee jobs.
Significant private plans, in my case fuelled by major health scares for both myself and my wife in the last 2 years, sometimes get a catalyst you didn’t see coming and that’s the case here,” he added.
Back in April, in some unconnected moves, Legal & General’s Network’s mortgage team saw its first round of change. Jeremy Duncombe was appointed director of mortgages. Ben Thompson was given an expanded role at the firm to develop opportunities across the its mortgage business while Stephen Smith became chairman of Legal & General Mortgage Club and also rationed oversight of the group’s estate agency and surveying businesses.
The broader picture is that Legal & General has embarked on a significant restructuring plan which brings together its retail protection, general insurance and network businesses into a single division called Insurance under John Pollock.
The ethos driving these changes is the recognition that the future has to be more customer-centric and joined-up for the consumer than the product centricity of the past, said Crocker.
The current plans will bring together departments which perform similar functions in different divisions and aim to deliver a much more integrated experience for the customer, especially those who choose to buy or hold multiple products at the same time. This process will also deliver cost savings and some other role changes or reductions where duplication exists.
Duncan Finch, who’s been with Legal & General for four years and has run both the GI and Retail Protection businesses is set to lead ‘Insurance’ and the Legal & General Network will be part of this division. Mark Screeton, the network distribution director under Crocker has also been promoted to lead Legal and General’s advised teams in the building society sector. Martin Noone, who Crocker brought into L&G five years ago will replace him as the head of the L&G network, taking on the role of commercial director and reporting to Duncan Finch.
Crocker said Legal & General is evolving and the process will be a ‘never-ending story, as it must be for all progressive businesses.’
“We can’t rely on making our money in the same ways that we have done in the past, especially as customer preferences/habits and the digital world in particular continue to shift rapidly,” he said.
After toiling through the downturn and as the outlook strengthens for the mortgage industry, isn’t this an odd time for L&G to review its tried and tested strategy and people?
“We don’t make mortgages. We’ve had a look at whether we should, but we’re not going to do that. We distribute mortgages so the mortgage club, which is the crown jewel of the network, stays completely intact and centre stage,” said Crocker.
How did the industry react? I ask Crocker. “In terms of personnel changes, no-one’s a stranger to this stuff, they happen all the time. The general reaction for myself is something along the lines of “good for you, keep in touch and good luck”.
He also politely dismisses a question about the imminent transition into an MMR world, saying: “The project is led by about the most professional man you’ll find in the industry – Stephen Smith. We’re ready. We have a new Point Of Sale system launching after Christmas. We will be compliant. L&G takes this stuff very seriously.”
Across the industry, contrary to reports, the number of firms actually jumping ship to new networks is pretty modest. “It’s such a significant thing to do from a cash-flow and regulatory point of view. But there’s a massive fight to find high quality firms and undoubtedly a huge scrabble for advisers, he added.
So what’s next?
“Well I’m going on 56 now and want to shift my life/work balance so I will be taking my time to explore various part time options, including the non-executive directorship world and Tusteeships at medium-sized well-governed charities,” he says.
“It’s both daunting and exciting, to quote a reaction to my news by a good friend and lender colleague. When I was sick a few years back my family really did do a “bucket list” so we will also be getting to grips with some of that stuff as well. High up the list will be a long trip to New Zealand, an RV at Glastonbury and maybe even another TVR sports car and motor bike, wife permitting.”
