It has been a busy time at UKAR as we build on the success we have achieved since our formation in 2010.
On 6 June we completed the successful divestment of our mortgage servicing operations and around 1,700 colleagues transferred to Computershare Mortgage Services (CMS) where they continue the good work we have done to date, providing excellent service to our customers and supporting those in financial difficulty.
UKAR now consists of around 250 colleagues and our mission remains to maximise value for taxpayers whilst treating all of our stakeholders fairly.
This transaction was great news for customers as it ensures that UKAR’s existing mortgage servicing capabilities remain robust and provides stability and continuity of service.
Importantly, we continue to own and have ultimate responsibility for, customer outcomes and we take this responsibility seriously.
We require the same contact strategies and arrears management practices to continue under the new servicing arrangement and we will be working closely with our CMS colleagues to ensure our customers continue to receive the most appropriate guidance and support for their circumstances.
Outsourcing the mortgage servicing operations also enables UKAR to focus on maximising value for taxpayers and facilitates our ability to undertake future asset sales and continue the reduction of the Government debt.
When selling loans we perform extensive due diligence on potential buyers to ensure the ongoing fair treatment of customers.
There are contractual agreements in place to ensure this happens – as an example, purchasers of loans are not able to change customers’ terms and conditions without the customer’s consent.
As we enter this new period at UKAR, we will look to build on what we have already achieved on behalf of both customers and taxpayers and maintain our close relationship with the Debt Advice industry.