LLOYDS Banking Group plans to axe around 1000 financial adviser roles in the withdrawal of the bank's mass market investment advice service.
From November, customers with Lloyds TSB, Halifax and Bank of Scotland will only be offered face-to-face advice if they have at least £100,000 to invest.
The move comes before shake-up of the sector by the Financial Services Authority, which could see customers forced to pay up to £500 up front for a financial review.
Lloyds said its research into the impact of the regulator's Retail Distribution Review, which comes into force on December 31, showed customers with lower amounts to invest are less likely to want a fee-based financial advice service.
In total, 1013 financial advisers across the country are likely to be affected by the Lloyds plans.
However, they will all be offered either a new role or voluntary redundancy.
Retail investment customers with less than £100,000 to invest will be able to receive information on savings and investment products through the bank, although the service will be non-advised.
In June, Royal Bank of Scotland announced plans to cut around 600 jobs from its financial planning service across the UK, while creating 350 new roles in preparation for the changes.
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