Axa UK plans to withdraw face-to-face financial advice in the branches of its UK banking partners the Co-op, Clydesdale and Yorkshire Banks.
The decision to close the service will result in the loss of about 450 roles. It said it had begun consulting with affected staff and unions.
The company decided to withdraw the service following a strategic review into face-to-face financial advice models that would meet the needs of bank customers and the requirements of the new regulatory environment.
Group chief executive, Axa UK, Paul Evans, 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 very disappointed that Axa UK must also now withdraw this service having not found a model which balanced the regulatory requirement that the service be profitable in its own right, whilst setting advice fees at an affordable level."
Evans added: "Although we will no longer offer our face-to-face financial planning service in the UK branches of our banking partners, we want to reassure all customers that their existing life and savings products will continue to work hard for them and will be serviced through our UK call centres in the future."
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress