HSBC is to cut 460 financial planning managers from its staff due to the expected outcomes of the RDR.

However, the firm acknowledged wealth management was still a key part of HSBC’s business strategy and said it would be creating 50 new senior financial planning adviser roles.

The overall cuts are part of a nationwide re-shape the company is undergoing to cut 700 members of staff.

The advisers will be cut from the retail banking and wealth management divisions.

HSBC expects the RDR to “fundamentally alter the way that all financial organisations provide and charge for advice”, reducing the need for staff advisers.

These will offer customers complex financial advice and wealth management services.

HSBC will also offer financial advice through the internet and telephone for customers with less complex needs.

Joe Garner, head of HSBC in the UK, said: “The banking sector in the UK is going through fundamental change and I firmly believe that these steps are necessary if we are to continue to keep HSBC on a firm and sustainable footing, not just for today, but also fit for the future.”

Other departments affected by the cuts include IT operations, HR, compliance and the bank’s service delivery area.