Lloyds' ambitious plans 'no threat' to independent advice

Although one IFA said he expected the banking giant to “decimate” the lower to middle income market, others said independent advice remains the standard bearer and is not under threat. New Lloyds chief executive officer Antonio Horta-Osorio revealed last week he wants to increase by 50% the number of clients using the bank’s pensions and investment subsidiary Scottish Widows by 2014. The plan is to “take advantage” of what it believes will be an advice and distribution gap created by the RDR, which some argue will price lower and middle income consumers out of the market for independe...