HSBC has said that though its product offering will not change, its whole of market arm will not meet the regulatory requirements of independence after 31 December.
The bank has said that it had not yet finalized its new charging structure for clients although an announcement will be coming out shortly.
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A spokesman of HSBC said: "Under the RDR our IFAs will move to a restricted model. It is more that the industry is moving rather than us. The terminology under which our advisers need to be defined is changing. From 1 January advisers need to be able to do more to be able to call themselves independent. The range of funds is not changing."
Currently, HSBC works with around 15 and 20 fund groups, offering customers a list of around 40 funds.
It was in April 2012 that HSBC had axed its tied advice service resulting in up to 650 adviser job losses, with around 50 tied advisers moving across to the whole of market team of 320 advisers.
Meanwhile, the bank continues to offer execution-only services.
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