Mike Allison, the managing director of Personal Touch Financial Services (PTFS), has been made redundant after seven years at the network.
His departure as well as those of other staff members was announced in January and blamed on the deteriorating economic conditions.
In an e-mail to advisers, John Ruddick, chief executive at the network, says: 'It is with deep regret that I have to announce that PTFS have agreed terms with Mike Allison to put into effect his departure from PTFS after seven years of service."
Due to the seniority of his role, Allison had been working out his notice period with the company with responsibility for developing Regional Support Centres (RSCs).
In his email, Ruddick confirms the RSC-related duties are currently in the process of being re-assigned and adds internal responsibilities will be clarified shortly.
Ruddick says the changes the businesses made "have been necessary to safeguard its future but nonetheless they have been difficult and unpleasant".
"The Board would like to formally record our thanks to Mike for his key contribution in the evolvement of our company.
"On a personal note I would like to add that it has been a pleasure to work alongside a valued colleague," he adds.
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