Yorkshire and Clydesdale Banks are scrapping their branch-based advice service after Axa closed its UK bancassurance arm.
Money Marketing revealed yesterday that Axa’s bancassurance arm has closed following a strategic review of the business, resulting in the loss of approximately 450 jobs.
Until yesterday, Axa partnered with Yorkshire and Clydesdale Banks and the Co-op on investment advice, with Axa advisers providing branch advice. It also has a single-tie deal with the West Bromwich Building Society, where West Brom advisers recommend Axa products.
A Yorkshire and Clydesdale Banks spokesman says: “We have no immediate plans to offer advice in our branches but we will keep this under review.”
The Co-op says it has stopped offering advice in branches while it reviews its options.
A spokeswoman says: “Following Axa’s review of its bancassurance channel and subsequent decision to exit this market, the Co-op will cease to offer a financial planning service in its branches.
“The financial planning service has been provided by Axa for a number of years and following its decision to withdraw from this market we will now be considering alternative options.”
Co-op and Axa have had their bancassurance partnership in place since November 2011. The advice service was available through 335 Co-op branches with around 150 branch-based Axa advisers.
The West Brom is considering whether to continue offering financial advice or not.
A spokesman says: “Axa has made us aware of its decision to exit from the retail banking advisory market. We are considering the implications of this and how best we can meet the financial planning needs of our customers going forward.”
Axa will continue to service existing Co-op, Yorkshire and Clydesdale Bank and West Brom customers.