Paul Evans, group chief executive of Axa UK, said approximately 450 roles would be lost in a period of consultation with the Unite union.
He said: “Axa UK remains a strong advocate of consumers being able to access affordable advice for their particular investment needs.
“Following similar announcements by major retail banks, we are disappointed that Axa UK must also now withdraw this service, having not found a model that balanced the regulatory requirement that the service be profitable in its own right, while setting advice fees at an affordable level.”
He said existing life and savings products would continue to be serviced through UK call centres.
In recent months, Santander, Barclays, Lloyds and HSBC have reduced their advice offering in branches following the implementation of the retail distribution review.
According to figures from the financial regulator, cuts by banks to their advice services in 2012 led to the number of advisers employed by banks and building societies falling by 44.5 per cent from 8658 to 4809.
Philip Stevenson, chartered financial planner for Cheshire-based Ark Financial Planning, said: “Advisers will benefit from these exits in the long run. As time goes on more people will hopefully come to see us.”
