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HSBC to launch retirement advice service

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HSBC is planning to launch a retirement advice service to help customers navigate the pension freedom reforms.

The bank currently offers restricted advice to investors with £50,000 or more, and has 700 advisers.

HSBC Wealth UK head Caroline Connellan says: “Building on the successful introduction of our flexible retirement account, we will soon introduce specialist retirement advice to help our customers following the recent pension reforms.

“Having one of the largest financial adviser networks of all UK banks means we can offer customers a broad range of financial planning products and services as well helping them manage their day-to-day banking.”

The bank refused to say what channels the service will be delivered through.

Last September, Money Marketing revealed HSBC was in talks with technology provider FNZ to power a platform engine.

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Comments

There are 10 comments at the moment, we would love to hear your opinion too.

  1. It’s a bit like the hokey cokey – they’re in, they’re out, they’re back in again.

    As someone who has met with numerous jettisoned ex-bank and ‘insurer’ clients I hope that those who are entering / re-entering the advice market due to the ‘pension freedoms’ are looking long term rather than seeing this as a quick cash grab.

  2. All 700 are G60 qualified and updated with the latest rules and regs. then???

    The guys who set the G60 qualification papers haven’t even got the syllabus updated yet, let alone a new test paper!!

    It’s all a bit of a shambles really. Any advice will have to include at least the possibility of transferring pensions or pots which can only be done, as I understand, by G60 qualified persons who will be audited to confirm that they are indeed charging for that advice.

    Just a quick comment really, could go on and on around this topic.

  3. Did not know that financial was a product Great how they now call them financial planning products!

  4. Sorry planning was a product

  5. Service maybe find but it will still be the same shoddy products and funds behind it with front line staff targeted to stuff customers in front of the sales staff, oops sorry ‘advisers’.

  6. Scott, yes I was pushing the boundary with a bit of ‘journalistic’ licence but the FCA seems to have its own interpretation and is insisting on G60 qualified advice on ALL transfers, even those under £30k ‘trivial’ amounts, for both DB & DC schemes.
    They also indicate they will expect to see invoices produced for that advice.

  7. @John Harding I am not aware of the requirements that you have stated. Much as I find the FCA’s approach to regulation fuzzy and unclear in many areas, there is nowhere in their guidelines which insist on G60 qualified advisers advising on DC schemes (other than guaranteed annuity rates) or BD schemes below £30,000. As someone who worked for HSBC for a couple of years, I am interested to see how they provide the service mentioned.

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