HSBC has confirmed it is to close its tied advice service, with the loss of about 600 jobs, as the bank prepares for life post Retail Distribution Review (RDR).
The bank said its tied proposition will close from today. A total of 650 roles, including advisers and managers, are affected, but 50 roles will be transferred to the bank's IFA arm, Premier, which is unaffected.
In total, HSBC is phasing out 3,167 roles in the UK as part of efforts to reduce its headcount by 30,000 worldwide, as announced last year.
About 2,200 will lose their jobs in the UK as the bank will transfer employees to other departments where it can.
HSBC said in a statement: "The forthcoming introduction of the Retail Distribution Review in January 2013 will have a major impact on the bank's UK business.
"Around a quarter of all the people impacted by today's changes are in anticipation of the likely impact on business levels caused by the Retail Distribution Review."
HSBC also said the majority of the job losses will be among senior or middle management positions, with only a "small proportion" coming from customer facing staff.
It also cited changes to the regulatory framework in the UK and growing capital requirements imposed on banks as other causes of the job cuts.
Chief executive Brian Robertson said: "We have taken the difficult decision to restructure HSBC in the UK in order to reduce layers of management and bureaucracy.
"These changes will enhance our efficiency as detailed in the strategy we announced last May and they will also help ensure our continued profitability in the face of the changing regulatory landscape."
