Unite, Britain's biggest union, has expressed anger over Axa's decision to close its bancassurance operation with the loss of 453 jobs.
Axa announced today (15 April) it is to cease face-to-face financial advice in the branches of National Australia Group (NAG) and Co-op. Unite challenged Axa over its reasons for the closure and the company's response is that one of the main factors leading to its decision are changes in regulation introduced as part of the 'retail distribution review' by the Financial Conduct Authority.
Dominic Hook, Unite national officer, said: "We were aware that a review of the business was taking place and that changes were likely as a result of the tightening regulatory framework but the announcement to close the bancassurance operation is a blow, leaving hundreds of loyal and hard working staff facing a very uncertain future.
"Unite has already secured a commitment from Axa to do everything possible to explore redeployment opportunities for the affected workers. The union will be giving its members as much support as possible during these difficult times."
The job losses affect workers across the UK based in NAG and Co-op bank branches.
Contact Ciaran Naidoo on 07768 931 315
Notes to editors:
- Unite is Britain and Ireland’s largest trade union with 1.5 million members working across all sectors of the economy. The general secretary is Len McCluskey.