SANTANDER has confirmed that consumers will no longer be able to get investment advice at its branches.
The move comes just weeks after a regulatory investigation found evidence of widespread failings in the investment advice offered by the UK’s biggest banks.
More than 800 jobs are at risk after the bank followed several other high street names in pulling out of the investment advice market.
Barclays, Clydesdale and the Co-operative are among the other banks to have recently ceased providing investment advice to customers, while Lloyds Banking Group will no longer advise “mass market” consumers.
All cited the costs of regulatory reforms that came into effect at the start of this year, which include higher qualification requirements and a ban on commission from providers to advisers selling their products.