The Co-operative is to stop selling life insurance, blaming the move on increased regulation.
The group, which has been selling the product since the 19th century, has an estimated two million policyholders. It's looking to sell those policies to a new provider, with Royal London reported to be the main bidder.
The Co-op will continue to offer other insurance products and run banking services. However, it will no longer offer financial advice and has done a deal with AXA to provide advice to customers. The move will mean 670 job losses among Co-op staff who were employed to offer advice in customer homes.
The head of the Co-op's financial services told the Guardian that "we were faced with rising regulatory costs in a business which was increasingly becoming sub-scale."