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PosSol cuts 20% of head office jobs

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.”

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. Of course RDR has nothing to do with this and it will have no impact on consumers. Same goes for the Co-Op Insurance Services, the closure of Skandia branches and on and on. The great shame with all of this is that these are all viable businesses and their failure is forced by regulatory lunacy. Its all starting to look like the predicted 2.7 million orphan consumers (without advice) is going to be a massive underestimate as we are still only 18 months away for RDR.

  2. My understanding is that none of the job losses with come from PS’s legendary Compliance Department?

  3. Ancient Wisdom...is an IFA in N3 28th July 2011 at 10:37 am

    RDR coming in means the company will go bust within 18m – no way can you afford to pay salaries when there is no commissions.

  4. their own stupid fault for recruiting everyone from N&P and the Pru.

  5. Colin Tomlinson 28th July 2011 at 2:07 pm

    My sympathy goes to those who have lost their job today. Newcastle isn’t an easy place to find a job in financial services at present.

    There’s no benefit in anon (12.07) gloating over it.

  6. richard Salter 28th July 2011 at 9:19 pm

    Many AR’s are moving/have moved to True Potential and direct authorisation. A lot will be former Co-operative tied advisers in my experience, besides the other former tied employers listed above. Let us hope the three year tie in which TP absolutely insist upon – oh and six months notice after that!!!!!!!

    does not come back to bite advisers buying in TP services as TP also take a percentage of income – rather than fixed fees – as others are moving to. Fingers crossed TP will survive and thrive at least for trhe next three and a half years of their minimum contract

  7. Exasperated me 29th July 2011 at 5:11 pm

    Sad but inevitable, better to go now and take a chance before it gets worse.

  8. Denise Williams 2nd August 2011 at 10:31 am

    This was bound to happen at some point. I was a former employee at Origen before they made me redundant and I now work for a Partner @ Positive Solutions. The writing was on the wall as I could see exactly the same things happening that happened @ Origen. I feel for the PS Head Office staff that have lost their jobs as i’ve been in the same position and it’s not nice. I blame Aegon.

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