The group says the cuts will come at all levels and across all branches of the firm, with the majority to be through voluntary and compulsory redundancies.
Origen managing director Stephen Greenstreet 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.”
Aegis, the independent trade union that represents employees in Origen Financial Services, is currently in consultation with management around the restructure of Origen.
Aegis general secretary Michael Gray 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.”