Following a decision taken by HSBC to limit life investment products to in-house access only, advisers will no longer be able to access HSBC onshore bonds 10 May 2013 onwards, though pipeline applications will continue to be underwritten.
HSBC Global Asset Management will not, however, be affected by the move and advisers will still, reportedly, be able to access products under this brand.
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HSBC said, the move is part of its restructure of its advice arm, which will combine the bank’s wealth advisers within the retail bank division and result in the net loss of 1,149 jobs.
Currently, the bonds are available through platforms including Ascentric and its white-labelled offering IFDL, Raymond James and True Potential.
"As part of changes being made to the HSBC Group in the UK, HSBC Life will only distribute its life investment products through HSBC distribution channels and will no longer do so through external intermediaries.
"HSBC Life remains committed to its existing life investment customers and will continue to offer them the support and service for their needs," said an HSBC spokesman.
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