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.”