Origen is axing 72 jobs in a bid to tackle the economic downturn and prepare business for the Retail Distribution Review.
The job cuts, to be made at all levels of the company and across all branches, will be implemented before the end of the year and will consist of compulsory and voluntary redundancies.
The firm says it will refocus its activities on its core proposition of providing high quality advice for large corporates, small businesses and individuals. Origen is also closing its Sidcup branch property, with all consultants to be reassigned to the London and Canterbury offices.
Aegis, the independent trade union that represents employees in Origen Financial Services, is currently in consultation with management around the restructure of Origen.
Stephen Greenstreet, managing director of Origen, says: “It is important that Origen has a business mix that is profitable in all market conditions, and that we have a high quality team of consultants to take the business forward as we approach the challenges of the Retail Distribution Review.
“This means taking some tough business decisions, but we hope that many of the redundancies can be achieved through voluntary arrangements. It also means that the business will be better positioned to move forward as we move into a new commercial environment created by the proposed Retail Distribution Review regulations.
“Our plans will enable Origen to deliver good quality support for all our consultants, to enable them to deliver on our number one priority – consistent, excellent service to our clients.” Michael Gray, general secretary of Aegis, says: “Our position is to oppose compulsory redundancies. We will continue to work closely with the company to explore all opportunities to help affected members.”