Withdrawal of L&G’s Financial Advice service in YBS branches
As of 25th April, we will no longer be offering 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 recent 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.
What does this mean for me?
As an existing L&G customer, your accounts and investments will be unaffected by these changes – funds will continue to be managed and administered as they were previously.
The only change for existing customers will be those who use the ongoing advice service, as this will end later this year.
If you are an existing L&G customer and have a query regarding your investment, please contact L&G’s UK-based Customer Service Centre directly on 0345 272 0089.
L&G’s Customer Service Centre is open Monday to Friday 9am to 5.30pm. Call charges will vary. L&G may record and monitor calls.
If you are an existing L&G Ongoing Service customer, you will be contacted in writing by L&G at the beginning of May.
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).
At Yorkshire Building Society, we also offer a range of savings products including:
- Online savings accounts
- Tax-Free Savings accounts
- Fixed-term savings accounts