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LTU Publishes Report on Mortgage Arrangers/Advisers
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Date: 18th Mar 2003
In a recent report, which compared the salary and benefits packages of Mortgage Advisers/Arrangers in Lloyds TSB and the Cheltenham & Gloucester, Lloyds TSB Group Union said that it was a national disgrace that staff performing the same role, for the same Group, should be paid so differently.
In the C&G Registered Mortgage Advisers, who are CeMap qualified, and Mortgage Arrangers are paid a basic salary of £15k+ and £12.5k+ respectively. They get no bonuses. In Lloyds TSB staff performing the same role can expect to receive salary levels of between £17.5k and £25k, depending on performance. These are salary levels which C&G Mortgage Advisers/Arrangers could only dream of and that is despite the fact that they produce more new business on average than their colleagues in Lloyds TSB’s branches.
As part of its campaign for union recognition in the C&G, LTU have been focusing on the fact that staff could be missing out on better pay and benefits because they are managed on separate terms and conditions from other staff within the Lloyds TSB Group. Mark Brown, Assistant General Secretary, and author of the report on Mortgage Advisers/Arrangers said "the main reason why the C&G wants to remain on separate terms and conditions from the rest of the Group is not because of the different cultures that exist but because they would have to pay their staff, including Mortgage Arrangers/Advisers, more money. That is a shabby policy by any standards."
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