The Bank’s ability to meet its mortgage targets in Q2 and Q3, the busiest quarters of the year, is under threat because of a lack of trained Mortgage Advisers (MAs) and Mortgage and Protection Advisers (MaPAs). It’s recruited an extra 170 MAs/MaPAs but those staff will not be fully operational until Q4, 2018. To cover the shortfall, the Bank is offering an enhanced quarterly payment for those MAs/MaPAs who agree to work 8 or more Saturdays and/or Sundays (Only 3 branches currently open on a Sunday) per quarter as part of their normal working pattern. Those staff that already work 8 or more Saturdays and/or Sundays will also get the payments.
What’s It Worth?
The payments will vary depending on the opening time of the branch. If you work 8 Saturdays/Sundays per quarter then you will get an extra £150 if you work in a branch which opens up to and including 2pm. If you work in a branch that opens beyond 2pm, you will get £200. If you work 12 Saturdays or Sundays in a quarter then you will get £750 up to 2pm and £1,000 beyond 2pm. The Q2 payment will be paid in July and Q3 will be paid in October. MAs/MaPAs will also still be able to claim TOIL for working on Saturdays/Sundays.
The Sting In The Tail
The Bank’s enhanced payments, whilst welcome, are only available for Q2 and Q3 2018. If MAs/MaPAs agree to change their normal working pattern to take advantage of the extra payments then Local Mortgage Managers (LMMs) are going to want them to continue to work those hours in Q4 and beyond. If members have shown they can work more Saturdays for extra payments, then they will come under increasing pressure to continue to work the same number of Saturdays once the payments have stopped. Members should consider that when deciding whether they want to change their current working patterns. Equally, the Bank will expect staff earning those enhanced payments to ensure that diaries are full on Saturdays, so there will be an expectation that business will be identified during the week.
Management Information & Sales Pressure
From the 10th April, all Branch Managers will start getting the Mortgage Journey Management Information for their branches on a daily basis. Branch Managers will also get individual management information on the performance of PBAs. In the past access to that kind of comparative sales data was abused by some rogue Local Directors. We all remember the use of league tables and meetings with staff having to justify their productivity and performance levels. If we see one example of that, and we will be surveying our members at the end of Q2, we will write to the FCA immediately and demand action. Equally, we will name and shame any member of the Bank’s management team that engages in such action.
The Bank has been warned.
What About Us?
Many CSAs and PBAs, who have changed their working patterns following discussions with their Branch Managers, work more than 8 Saturdays/ Sundays in a quarter and they will get nothing under these proposals. That’s unacceptable. Those staff make significant contributions to the mortgage business and the Bank should consider making payments to CSAs and PBAs based on the incremental business produced by branches during Q2 and Q3. At least then, everyone will be treated equally.
We will cover many of these issues in our next Newsletter. In the meantime, members with any questions can contact the Union’s Bedford Office on 01234 262868.