HSBC will close its long-term care advice arm to new business as it “no longer forms part of the group’s strategic direction”.
The Nursing Homes Fees Agency will shut to new clients from July 1. It will continue to assist customers who are currently in the process of receiving financial advice from the organisation.
HSBC says: “Through its small network of advisers NHFA provides specialist advice to a few hundred customers a year on structuring their own finances to meet ongoing care costs.
“It is very much a niche market, and as such, it no longer forms part of the group’s strategic direction.”
The Nursing Homes Fees Agency was bought by HSBC Actuaries and Consultants in 2005 and was transferred to HSBC Bank when HACL was sold in 2009.