Royal Bank of Scotland (RBS) is cutting a significant amount of its face-to-face advice force with more than 550 job losses in the pipeline.
220 investment advice roles will be cut alongside 200 protection advice jobs. Face-to-face investment advice will be limited to customers with at least £250,000 in investment assets. Previously advice was given to those with more than £100,000 to invest.
An RBS spokesman said that the retraction from face-to-face advice was partly due to a drop in demand for advice in-person, which had been facilitated by regulatory developments including the retail distribution review (RDR).
In the lead up to the RDR, the bank cut over 600 financial planning roles, around half the service across the country, but created 350 new jobs in the process.
The bank is looking to set up a new direct to consumer platform later this year, however, which it hopes to roll out as an online service to clients with a minimum of £500 to invest.
‘We want to help as many customers as possible invest their money in the right way for them,’ an RBS spokesperson said. ‘The demand for face to face investment advice is changing. Our customers increasingly want to bank with us using digital technology. As a result, we are scaling back our face-to-face advisers and significantly investing in an online investing platform that enables us to help a new group of customers with as little as £500 to invest’.
The cuts to protection advice mean this service will now only be available by phone.
The RBS spokesman said: ‘Due to the gradual decline in the number of customers in our protection business, this service will now be available over the telephone. We will move to this new service on 11 March and will proactively contact all customers to ensure a smooth transition.'