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AXA UK to close retail banking advice service and cut 450 jobs

AXA UK is set to wind down its retail banking advice services at UK banking partners, including the Co-operative Banking Group and Clydesdale and Yorkshire Banks.

Following a strategic review of the face to face financial advice models, the company’s decision to pull down the operation will lead to nearly 450 jobs cuts in the UK.

AXA UK group chief executive Paul Evans said that the company will remain a strong supporter of the view that the consumers are able to access affordable advice for their particular investment needs.

He further said the bank took the decision after it failed to find a model which balanced the regulatory requirement that the service be profitable in its own right, whilst setting advice fees at an affordable level.

The company will implement the job cut plan after taking into confidence banking partners, the union Unite, and management forum representatives.

Closure of the retail banking advice service will not affect the administration and servicing of any existing AXA products being offered, which will be serviced through its UK call centers in future, according to the firm.

Headquartered in London, AXA UK operates as part of the global AXA Group and focuses on its core markets that include wealth management, insurance and healthcare in Ireland and the UK.