Clydesdale and Yorkshire Banks’ business and private banking customers will be referred to Origen for financial advice as part of a new deal.
Origen will provide advice and services to Clydesdale and Yorkshire’s business and private banking customers throughout the UK, including corporate and personal pensions, investments, protection and retirement planning.
Clydesdale and Yorkshire business and private bank director Paul Shephard says: “This is a really positive step in enhancing our customer focused strategy and is a key additional benefit to our overall business and private banking proposition.
“Our customers will gain access to a wealth and financial advice market specialist offering a wide scope and range of investment, pension and protection products, investment and pension research.”
Origen chairman and interim chief executive officer Rob Waller says: “I am absolutely delighted we have been chosen as the referral partner to Clydesdale and Yorkshire Banks.
“Part of our post-RDR strategy is to expand through long-term partnerships with large, trusted organisations where the delivery of specialist advice becomes non-core. Our selection by Clydesdale and Yorkshire Banks reaffirms the confidence large organisations have in our ability to support and complement their business models.”
Clydesdale and Yorkshire Banks stopped offering advice through its business and private bank divisions in March, resulting in the loss of 130 jobs.
The banks closed its in-branch retail advice service in April after Axa closed its bancassurance arm. Axa previously partnered with Clydesdale and Yorkshire on investment advice, but closed its bancassurance arm saying it would have had to charge a 6 per cent advice fee in order to deliver advice profitably.
Clydesdale and Yorkshire says it still has no retail advice partner and has no plans to replace Axa.