HSBC shuts tied advice service due to 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 maj...