TROUBLED financial services company Collingwood Investment is set to announce a top-level restructuring. London-based group managing director Grant Wettle is to resign, and directors in the Hong Kong office are to be replaced. The present Hong Kong director, Trevor Larkin, and Tim Walsh, former Hong Kong sales director based in Abu Dhabi, were to be seconded to London to take up the positions of joint managing directors. The company recently has appointed Malcolm Milne as Hong Kong manager. A decision has yet to be made on whether he will take over the top job in Hong Kong. The restructuring is believed to have followed a series of board meetings between Collingwood and its 50.1 per cent equity holder, Old Mutual International, South Africa's biggest life insurance and unit trust group, which has about US$35 billion under management. Mr Milne said: 'We have been discussing how best to go forward.' Hong Kong staff had been told about the changes, but a public announcement was going to be postponed until closer to the New Year. The company is awaiting the outcome of an investigation in Hong Kong by the Securities and Futures Commission into its sales practices and whether it was offering authorised products. A regulatory task force cross-examined existing and former staff members under oath about the company and the tactics used to sell long-term investment products. The policies can offer competitive returns if held for the full term, which can range from 10 to 25 years. High up-front costs, including the adviser's commission, mean early surrender penalties can be harsh. The company said it had co-operated fully with the regulators. The commission, which will not comment on its investigations, is believed to be finalising the inquiry. In a separate move, at least four former members of staff recruited from Britain claimed they were planning to sue the company for breach of contract. The company employed about 70 staff in its offices in the Middle East and Asia. Its London offices are used for administration. Another Old Mutual operation, Finexco, was earlier reprimanded by the commission for failing properly to supervise the sale of unit-linked investments.