Scottish Friendly has denied it has been losing key staff as morale comes under business pressures.

It is understood that Liam Gilmore, finance director, has quit the business suddenly, chief risk officer Pete Docherty has left the role after less than six months, while another executive is on long-term sick leave.

A close observer said: “Staff morale is extremely low and turnover high. Finance have lost a huge number of staff recently, as have actuarial.The external story is all rosy, but delve underneath and questions need to be asked about the leadership.”

Calum Bennie, communications manager at the Glasgow-based mutual, said: “Our executive team has been and remains stable with level of long-term service that is quite unusual for a financial services organisation. However, like employees up and down the country, the personal circumstances of Scottish Friendly staff can change. Turnover in personnel is all part of the natural ebb and flow of any business.”

He added: “While we are not in a position to comment on specific issues relating to individual cases, we don’t recognise any claims about low morale.”

On the claim that the company’s leadership style was creating stresses, Mr Bennie, 21 years with the organisation, said: “There will be challenges for everybody to work with, that is business life.

“The strong growth of Scottish Friendly over the past few years and in recent months has been underpinned by our dedicated, experienced and stable senior management team and that continues to be the case.”

Scottish Friendly, which employs around 100 at its Blythswood Square headquarters, doubled in size this year with the takeover of Marine & General Mutual which took assets to £2bn, and said it was on the look-out for further acquisitions.