HSBC axes advice-based workplace pension arm

A spokesman for the bank said the decision was made following a review of the business. However, it will continue to offer its commercial banking clients a workplace pension proposition. In 2011, the service partnered with corporate adviser Towergate Financial to provide group personal pensions to suit the needs of small and medium-sized employers. At the time, WRS head Rob Pearce said the collaboration was developed to provide "an ideal proposition" to meet the demands of the SME market.