Paymentshield to cut 20% of staff

Mortgage payment protection insurance provider Paymentshield is in consultation with 62 staff after confirming plans to cut its workforce.

The Towergate-owned company, which employs over 300 staff, has been hit by the downturn in the mortgage market.

New chief executive Tim Johnson, formerly boss of Cullum Capital Ventures, said non-customer facing roles and contractors would be cut.

See this week’s issue of Insurance Times for more.