Positive Solutions is cutting almost a fifth of its 122-strong head office workforce in a bid to reduce costs.
Staff were notified that 24 jobs will be cut last week but an announcement about which roles will be affected is not expected until early August.
In the first quarter, the Aegon-owned business, along with Origen, posted a combined loss of £2m. The firms made a loss of £5m in 2010 and £16m in 2009.
Positive Solutions chief executive Jim Reeve says: “Over the last few months we have been working on a plan to reshape the organisation to reduce costs while retaining strong, effective controls and continuing to deliver a high quality service to IFA partners.
“Following a review, 24 roles will be reduced across our head office staff. We have spoken to all staff affected and expect to complete the process over the next few weeks. Although the decision to make these changes has been difficult, I am confident it will allow us to improve our financial returns in future.”