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HSBC takes onshore bonds in-house

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Advisers will no longer be able to access HSBC onshore bonds from next week following a decision by the bank to limit its life investment products to its own advisers.

HSBC Global Asset Management is not affected by the move and advisers will still be able to access products under this brand.
 
The bonds are currently available through platforms including Ascentric and its white-labelled offering IFDL, Raymond James and True Potential.
 
Advisers will no longer be able to access the products from 10 May but pipeline applications will continue to be underwritten.
 
The move is part of HSBC’s restructure of its advice arm, announced last week, which will combine the bank’s wealth advisers within the retail bank division and result in 3,166 jobs being cut. The bank is aiming to redeploy affected staff with a net loss of 1,149 jobs.
 
An HSBC spokesman says: “As part of changes being made to the HSBC Group in the UK, HSBC Life will only distribute its life investment products through HSBC distribution channels and will no longer do so through external intermediaries.

“HSBC Life remains committed to its existing life investment customers and will continue to offer them the support and service for their needs.

”HSBC Global Asset Management is not impacted and will continue to distribute funds via the external intermediary market.”

Syndaxi Chartered Financial Planners managing director Robert Reid says: “HSBC bonds were not cheap unless there was a substantive number of cases. It looks like it could not get the numbers right to keep offering these products through external advisers.”

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