The new financial planning team will consist of 150 staff and those affected by the redundancies will be considered for these roles. In addition, Santander has other roles within its retail arm, including its Select division and business banking, that provide opportunities for redeployment. There is also a freeze on external recruitment within the retail division as the bank seeks to redeploy as many bancassurance staff as possible, the firm said.

In February this year, Santander said that it was “considering its strategic options” in light of the new regulatory framework - brought about by the Retail Distribution Review - for the provision of face-to-face advice. At that time the bank said no staff would be at risk of redundancy.