Withdrawal of L&G’s Financial Advice service in N&P branches
Since 25th April 2016, we have no longer offered L&G's Financial Advice service to new customers.
The Retail Distribution Review (RDR) in 2013 dramatically changed the investment advice market and significantly increased the cost of providing face-to-face investment advice. YBS Group remained in this market when other high-street providers pulled out (or introduced prohibitive minimum investment sums) as we strongly believed it was in the best interests of members for us to continue to provide the service.
As a mutual we need to continually review how we do things to make sure we're acting in the best interests of all our members, and protecting the long term sustainability of the business. We are absolutely committed to offering a broad range of products and services in-branch but we need to recognise changes in customer preferences and adjust our products and services to reflect that - it's an integral part of keeping customers at our heart and building trust.
As a mutual organisation which exists purely for the benefit of its members and believes good-quality financial advice should be available to all, we are actively looking closely at the detail of the Financial Advice Market Review to enable us to form our future investment advice service for members and how we may re-enter the market in the future.
Further information on Independent Financial Advice can be found at www.moneyadviceservice.org.uk (please be aware that this is an independent website set up by government and not part of YBS Group).