HSBC is shutting its financial advice division following a strategic review.

A spokesman told insuranceNEWS.com.au the retail financial planning division is only a small part of the offering and lacks sufficient scale and potential for growth.

HSBC has not disclosed the number of staff affected.

It still has three financial advisers, according to the Australian Securities and Investments Commission’s financial services licence register.

Staff were made redundant where redeployment was impossible, the spokesman says.

All investment and insurance products are provided through third parties, and customers can continue with their products, the spokesman says.

The closure will be completed by September.