Personal Touch Financial Services has announced 22 job losses and restructured its board of directors to achieve a 25% cost saving in an attempt to "realign the business" and cut £1.5m in costs.
In a whole-of-company staff briefing, the at-risk employees were told which 22 jobs will go from 180 and those affected will be offered the afternoon off, although it will be business as usual from tomorrow, said a spokesperson. The at-risk staff will be reassessed for re-deployment later this week, confirmed PTFS.
Max Wright, chief executive, Personal Touch Financial Services, said: "Following the launch of our Vision 2013 strategy in July this year we are now implementing the strategic realignment of the business which is designed to achieve a cost saving of £1.5m.
"Staff have this morning been given briefings from our directors and individual consultations will take place throughout the course of the next few days. Members have been contacted today by phone and email to advise them of the process which is being undertaken and to reassure them that they will continue to receive the high levels of support which we strive to maintain at all times."
PTFS has been hemorrhaging executive staff since Doug Crawford, the company's CEO left in February 2012. Its head of sales development Andy Walton and sales and marketing director Dev Malle both quit and its director of IFA services John Ruddick was made redundant following a board restructure.
Vikki Jenson, regional sales manager at Personal Touch Financial Services (PTFS) has also resigned from the network.
Back in July, the regulator visited PTFS after so many high profile executive departures to check the quality of compliance risk at the firm.
David Carrington, a former chief executive of Policy Plus and previously head of sales at Eagle Star joined the team in July in his newly expanded role of marketing director.
All brokers have received letters explaining the changes, said the firm and a series of roadshows mean brokers have had the option to discuss the changes on and one-to-one basis, said a spokesperson.
"Future growth is expected to come from the mortgage and protection side of the business, with a smaller contribution from investments, pensions and general insurance," she added.
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