In a statement, HSBC says the underlying cost of providing banking services in Britain is rising because of changes to the regulatory framework, and mentions the FSA’s RDR as one example of this.

The group predicts the RDR will have a “major impact” on its business levels in Britain and says the review is responsible for “around a quarter” of the 2,217 roles affected by the restructuring.

The RDR has long been expected to lead to job losses in the financial ­sector. Research commissioned by the FSA in 2010 found that advisers and providers expected about 23% of advisory firms to leave the market because of the review.

Source: Fundweb.  Read full article here.