View more on these topics

HSBC to roll out simplified advice to investors with £15k


HSBC’s new face-to-face simplified advice service will be extended to people with savings as low as £15,000.

The bank’s offering, due to launch this week, will start by targeting people with £50,000 but will eventually be aimed at those with just £15,000, the Financial Times reports.

HSBC head of UK wealth Caroline Connellan says: “Full financial advice is our core offering and is right for many customers, but others want quicker, lower cost advice for relatively simple needs.

“This is an obvious gap in the market. We believe it will help more customers make important financial decisions for themselves and their families, and help them achieve their financial goals.”

The move comes as banks prepare to return to the advice market after scrapping services following a series of hefty fines issued several years ago.

HSBC was hit with a £10.5m penalty in 2011 for misselling investment bonds to elderly clients and closed its tied advice business the following year, while Santander was fined £12.4m for giving unsuitable investment advice in 2014.

In January 2016 Santander relaunched with a 225 strong team of advisers working across the country. Around 700 advisers will deliver HSBC’s simplified investment advice service with customers given a 30 per cent discount on the cost of the bank’s full advice offering.

Money Marketing previously revealed Barclays Wealth’s plan to launch an “affluent platform” this year for passive clients with simple investment or pension needs starting at £50,000 of investable assets.

Money Marketing also revealed RBS’ plans to axe face-to-face advice for customers with less than £250,000, resulting in 550 job cuts.

Lloyds Banking Group does not offer investment advice in branches to retail customers and only offers advice for private clients with at least £250,000 to invest.



Former Standard Life chief Nish joins HSBC board

Former Standard Life chief executive David Nish has joined HSBC’s board as a non-executive director. Nish announced he was stepping down from Standard Life in June last year after six years at the helm, being replaced by Standard Life Investments chief Keith Skeoch. Nish will join for an initial three-year term, with re-election in 2017 for […]


HSBC profits disappoint ahead of ‘bumpier’ financial times

HSBC has reported a lower-than-expected 2015 pre-tax profit for the end of 2015, as the bank sees a “bumpier” financial environment ahead. The bank said profit before tax was $18.87bn (£13.28bn) for 2015 against $18.7bn the year before. Net profit for 2015 dropped 1.2 per cent to $13.52bn from the previous year. HSBC group chief […]


HSBC to keep headquarters in UK

Britain’s biggest bank HSBC is to keep its headquarters in the UK following nearly a year of speculation. The BBC reports the bank – which makes most of its profits in Asia – has decided to stay in London because the city “offered the best outcome for our customers and shareholders”. In April 2015 chairman […]


The return of bank advice: Will things be different this time?

Major UK banks are beginning to return to the investment advice market three years after the RDR signalled the death of bank advice. But at the same time, experts have raised concerns as to whether banks have truly done enough to ensure the fines for unsuitable advice will not be repeated, and whether they can […]


News and expert analysis straight to your inbox

Sign up


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

  1. Is £15k enough to put in Panama?

  2. the stich-up merchants are back!!!!

  3. It will be fine, I expect HSBC ‘advisers’ will recommend the Santander 1-2-3 account as there will be no ‘capacity for loss’!

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm