TWO more banks joined the high street exodus from financial advice this week, as both Clydesdale and the Co-operative abandoned their service.
The banks had partnered with insurer Axa, which said it was closing its bancassurance arm.
Axa then revealed its costs for providing advisers in bank branches equated to a 6% charge on customer investments, but it was only charging 3%. The Co-op said it would "cease to offer a financial planning service in its branches" while Clydesdale and Yorkshire said they had "no immediate plans to offer advice in branches but will keep this under review".
The closure is the latest casualty of the ban on using provider commissions to remunerate advisers.
It leaves Nationwide, using partner Legal & General and typically charging 5%, and Skipton, which says it will continue to advise those with £10,000-plus to invest, as the only high street outlets in the mass market. RBS will advise with no minimum investment but charges £500 for a financial plan.
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