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Morris leaves Tandem Bank as first charge team issued redundancies

  • 11/04/2024
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Morris leaves Tandem Bank as first charge team issued redundancies
Tandem Bank has made its first charge team redundant as it plans to scale back on lending in this market.

Roger Morris, who joined Tandem Bank in 2022 as director of sales and distribution, will exit the business alongside Richard Angell, Mark Shelper and David Venn, who were hired in the same year. 

Morris was appointed to build its intermediary proposition ahead of the launch of its first charge remortgage range at the end of 2022. 

The following year, Tandem Bank released a range of first charge purchase products. The offering was brought out earlier than expected due to intermediary feedback.

In a statement, Morris said: “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. 

“My immediate priority is to support Richard Angell, Mark Shelper and David Venn, who have been an amazing group to lead; if any firm is looking for exceptional salespeople with excellent technical knowledge, I would contact Richard, Mark or David now.” 

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.” 

A spokesperson from Tandem 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.

“With this in mind, we’ve taken the strategic decision to accelerate the growth of our 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. We are supporting the small number of impacted colleagues and aim to offer redeployment opportunities wherever possible.”

Tandem Bank is a digital bank that launched to the mortgage market in 2018. Last year, it received £20m in funding from Quilam Capital to support its green lending and growth.

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