Thomas Cook is to review its financial services division to further cut costs as its UK chief of retail and money leaves the business.

Anth Mooney is credited with rebooting the financial services offering under Thomas Cook Money over the last two years. This has included the development of new products including Lyk, Cook’s new pre-pay travel cards, and Roam holiday insurance, and integrating them into the group’s travel agency network.

The news follows the recent announcement that 320 Cook staff are under consultation and that 21 stores nationwide will close.

The review of the structure of the financial services division will aim to drive greater efficiencies across the business and increase management focus on areas delivering the highest returns, the company said in a statement.

Proposals include aligning the leadership and operations team for Thomas Cook Money more closely with the tour operating business.

The plans have been announced by chief of tour operating Will Waggott, who joined Cook in early March. He will work with the Thomas Cook Money leadership team over coming weeks to agree the changes.

Thomas Cook chief executive Peter Fankhauser said: “The review of Thomas Cook Money will now consider how we focus our resources in those areas that give us the greatest opportunity to make a difference to customers in our core holiday offering.

“I would like to thank Anth for his contribution over the past two years, integrating our financial services offer with our retail network and providing a platform for future progress.”