Foster Denovo has made its director of compliance redundant as the company hires several new advisers to replace exiting employees.
Jane McTigue held the position of director of compliance and risk at the Surrey-based company for around two years.
A spokesman for Foster Denovo confirmed she was made redundant on 26 January “in line with business requirements”.
Her role will now be carried out by board director Paul Dunne, whose title becomes regulatory and commercial director.
A Foster Denovo spokesman said: “Jane has been a valued member of our executive team over the past two years and she has made an excellent contribution in the area of compliance and regulation.
“She has developed, and leaves in place, a very experienced and highly capable regulatory team and we sincerely wish her all the best in the future.”
In December, Financial Adviser asked Foster Denovo whether it was planning any redundancies and the company declined to comment.
Before joining Foster Denovo, Ms McTigue was a lead associate at the Financial Conduct Authority for two years.
The company also confirmed four new advisers have recently joined Foster Denovo.
Martin Tuttlebee became authorised in early February, having been promoted through Foster Denovo’s internal academy programme. Adam Rideout, Martin Hellier and Nick Oram have also joined the business since the start of 2016.
The company currently has 77 advisers, with a number going through the application process, a spokesman said.
When asked about further exits, the spokesman added: “I can confirm that Ian Cook remains an authorised adviser in Foster Denovo, although he is in notice and will leave the business in April.”
In 2014 the number of advisers at Foster Denovo dropped from 90 to 76, according to Foster Denovo’s annual accounts for that year.
Data from research firm Imas has shown that the number of approved persons at Foster Denovo has been on a steady downward trajectory since November 2010, when it was at a high of 113.
