Clients who use the bank as an advisory service with assets of less than £1million invested in direct equities are being ditched by the business. Clients have instead been advised to use an alternative wealth manager, including Williams de Broe, Rensburg Sheppards, Rathbone Investment Management, Killik & Co or Brewin Dolphin.

 

HSBC has claimed it will allow its investors a “reasonable” time to transfer money from its service but if no instructions have been given by the proposed October 1st the assets will be returned to investors in official form.