Santander has pulled 800 advisers from giving investment advice with immediate effect and revealed it is not ready to meet the retail distribution review (RDR) deadline.
The bank said that it will suspend its investment advisers while they undergo an ‘intensive bespoke training programme’ but has not outlined a date for their return.
It said all its advisers have the appropriate qualifications but do not have the training in place to ensure the proper suitability standards or processes.
A spokeswoman for Santander said: ‘Ahead of the implementation of the RDR in January we are taking the time to consider the right solution for all our stakeholders.
‘As part of this process it was identified that our advisers require additional support and training to meet the expected standards. We will therefore be undertaking an additional intensive bespoke training programme. We apologise to customers for any inconvenience this may cause them.’
In September, Santander announced plans to launch a restricted advice service for customers with more than £25,000 by the end of 2012.
The news comes after last week’s announcement from Nationwide to suspend its pension advice offering because of uncertainty around the RDR readiness of its proposition.