Santander said it will continue to provide advice to existing customers with maturing investments, but that it “has decided for now” not to pursue new business until it can find the “right model”.

The firm said it will, however, continue to review how it can offer advice to its customers in the future and provide access to investment products, exploring “all options”, it said.

“However, given that we can no longer be certain with regards timeframes and whether we will definitely continue providing face-to-face advice, we have told all staff within the bancassurance division that we are reviewing the strategic options for the business.”

As part of the review - and following consultation with its trade unions - Santander said it has informed its staff of the proposed changes, adding that no staff are at risk of redundancy “at this time”.

“There is never a good time to announce changes such as this and we are acutely aware of the uncertainty staff are facing,” a spokesperson said in a statement. “We are working closely with other business areas to ensure that many of those who may be impacted are able to secure roles in a growing Santander Group.”