Member Article

AXA cut 450 jobs as branch advice ended

AXA will stop providing face-to-face financial advice in branches of the Co-operative, Clydesdale and Yorkshire Banks, cutting around 450 jobs.

AXA UK made the announcement this afternoon, citing a strategic review of the advice models and the new regulatory environment, as deciding factors in the move.

Paul Evans, Group chief executive, AXA UK, said: “AXA UK remains a strong advocate of consumers being able to access affordable advice for their particular investment needs. Following similar announcements by major retail banks, we are very disappointed that AXA UK must also now withdraw this service having not found a model which balanced the regulatory requirement that the service be profitable in its own right, whilst setting advice fees at an affordable level.

“I would like to thank everyone who has worked so hard as part of our branch-based advice team over the past nine years. Although we will no longer offer our face-to-face financial planning service in the UK branches of our banking partners, we want to reassure all customers that their existing life and savings products will continue to work hard for them and will be serviced through our UK call centres in the future.”

This was posted in Bdaily's Members' News section by Tom Keighley .