Jump to content
House Price Crash Forum
Sign in to follow this  
little fish

Co-Op Outsources Mortgage Book To Capita

Recommended Posts

£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.

http://www.moneymarketing.co.uk/news-and-analysis/mortgages/co-op-bank-outsources-23bn-mortgage-book-to-capita/2016150.article

http://www.mortgagesolutions.co.uk/mortgage-solutions/news/2380623/capita-closes-in-on-gbp325m-deal-with-the-co-operative-bank

Edited by little fish

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   206 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.