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little fish

Co-Op Outsources Mortgage Book To Capita

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£23b mortgage book outsourced to Capita. So that's TV licensing, electronic tagging of prisoners, collecting car tax and a whole host of public sector back office functions they run now. An administrative disaster on the way or the co-op disengaging.

"As part of the arrangement, which is subject to approval by the FCA and Co-op board, Capita will take over Co-op’s existing mortgage administrator, Western Mortgage Services. Capita says it will install new systems to work with 250,000 mortgage customers and brokers through Co-op’s intermediary lending arm, Platform.



Edited by little fish

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Capita is the 'under the carpet' option of failed corporate strategies.

An organisation - public or private - makes a big hoohaa about entering a market.

Then fails and loses buckets of cash.

Then tries to sell the business as a going concern.

Competitors don't touch the business as its 1) a mess, 2) unprofitable 3) hoping it'll go under so they can raise margins.

Company panics.

Company approaches Capita.

Capita ask for big wedge to continue operation for 5 years.

Capita promise they can run the business and will keep staff.

Business goes to Capita.

Capita make original business look like operational geniuses.

5 year grind starts.

Capita sack staff.

Capita gouge customers.

After 5 years, Capita pay the remaining customers to go somewhere else and close the business.

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