The head of Financial Planning and premier banking at HSBC, Paul Stanley, has quit the firm.

HSBC spokesman James Thorpe said:  “Paul left the firm at the beginning of the month for genuinely personal reasons, a replacement for him has not yet been found and HSBC will make an announcement when he or she has been appointed.”

Head of wealth business development Adrian Keane-Munday, head of Financial Planning Norman Kimber and head of premier banking Richard Knight, who all reported directly to Mr Stanley, will take on his responsibilities until then.

Mr Stanley joined HSBC in 2009 from Halifax Bank of Scotland where he worked as a central division managing director.

The news comes after the firm cut 460 Financial Planning managers from its staff.

This was due to the way the firm expected the RDR to fundamentally alter the way financial organisations provide and charge for advice, reducing the need for advisers.

However, it did say it would be creating 50 new senior Financial Planning adviser roles which would be offering complex financial advice and wealth management services.