Friends Life is allegedly letting key senior managers go in its continued redundancies as part of its widescale company restructure, industry sources have revealed.
Former Friends Life director of protection marketing - currently director of strategy and new propositions - Iain Mallon, will allegedly be leaving the insurer together with Tim Fox, head of national accounts, who led a team of four, two of whom have also reportedly taken redundancy packages.
Friends Life reported last December that 150 jobs were under threat of redundancy as part of an ongoing company restructure and cost-cutting plan.
An industry source revealed to COVER: "I really have got no idea what the company is going to do after the loss of, in my mind, some of the best people in the industry. I really worry for the organisation."
According to the source, an announcement had been made internally about Mallon's departure that said he was leaving to pursue other opportunities.
A spokesperson for Friends Life said: "We cannot comment on the individuals but can refer to our original statement."
The insurer's statement last December said it was continuing with ongoing business reorganisation to deliver its business strategy for future growth.
It stated: "We therefore announced to our employees in November that we are proposing the redeployment of a number of Group positions into the business divisions in order to align the available skills and resources with the needs of those divisions.
"We have identified considerable savings from non role-related costs but the proposed changes may result in around 150 roles being made redundant. In addition, we have around 50 vacancies that will not now be filled. "
It added that staff representative body consultations were underway and most teams had been briefed on whether they were affected or unaffected by the proposals.
Mallon started at the group in 2012 while Fox joined a year later in 2011; they have 12 and 20 years' experience in the market respectively.
