Axa cutting 450 bank branch jobs

INSURER Axa is cutting 450 jobs in branches of the Co-operative Bank and Yorkshire and Clydesdale banks under plans to cease face-to-face financial advice.

The group blamed the decision on the “new regulatory environment”, which last year banned commission payments for financial advice, instead forcing customers to pay up front.

Axa UK chief executive Paul Evans said: “We are very disappointed that Axa UK must also now withdraw this service having not found a model which balanced the regulatory requirement that the service be profitable in its own right, whilst 
setting advice fees at an affordable level.”

Customers will now have to rely on call centres for financial advice.