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HSBC head of financial planning quits

HSBC head of financial planning and premier banking Paul Stanley has resigned, the week’s Money Marketing reveals.

The company says Stanley left this month for personal reasons. HSBC has not yet appointed a replacement.

Head of wealth business development Adrian Keane-Munday, head of financial planning Norman Kimber and head of premier Richard Knight will take on Stanley’s responsibilities until a successor is appointed. Stanley joined HSBC in July 2009 from Halifax Bank of Scotland, where he was central division managing director.

An HSBC spokesman says: “Paul has decided to leave for personal reasons and we wish him well in his future endeavours.”

In June, HSBC Holdings cut 700 jobs in its UK retail banking arm, including 460 financial planning managers, as it forecast a drop in the need for its advice service after the RDR. The bank has around 1,500 advisers and a spokesman says there are no further cuts planned.

Churchouse Financial Planning director Keith Churchouse says: “I do not believe HSBC when it says there will not be further cuts in its retail banking and financial planning arms. “I am sure there will be more cuts in all banks’ advice arms as they realise they need to drastically cut the amount of advisers because of the cost of complying with the RDR.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Here we go, now that the manure has hit the fan, it is spreading like a contagion throughout the whole of the banking and financial services industry.
    If banks like Barclays, Lloyd, HSBC etc cannot afford to fund a financial planning service post RDR what exactly are they going to give the customers who require advice and service?

    The RDR is now driving the financial services industry over a cliffe edge and like lemmings we just follow the crowd, soon there will be no advice services available to the general public and the mis selling scandals of inappropriate products by banks and rogue advisers will increase as they deseperately need to replace the income once received via the commission route.

    At a time when the EU problems threaten our economic recovery, surely it is time to rethink this maniacal charge to damage the financial services industry irreparably and take a step back.

    It is a brave man that steps back from the brink of disaster and it is a stupid man that continues to walk our industry over the cliff.

    Step up to the plat and be a man Mr Sants and reconsider these ill considered and draconian changes to our industry.

  2. Mr Sants Brave or Foolish that is the question.

    If it is brave to step back or foolish to bully your way through.

    Ah Mr Sants I take it that it is still full steam ahead.

  3. It isn’t just HSBC and as the song goes “you ain’t seen nothin yet”.

    The sales cuture, the methods of remuneration via bonuses and fees for quantity rather than quality is on the way out.

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