Lloyds' ambitious plans 'no threat' to independent advice

clock

Independent advisers say they are undeterred by ambitious plans at Lloyds Banking Group to double sales and profits from its bancassurance division.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

What Justin Bieber is telling you about your clients

What Justin Bieber is telling you about your clients

‘In our world, success, true success, is delivering someone to their goal’

Chris Justham
clock 22 April 2026 • 2 min read
Bank return to advice is a rare case of sequel eclipsing original

Bank return to advice is a rare case of sequel eclipsing original

‘Most banks and financial advisers will be serving vastly different customer bases’

Mark Glover
clock 21 April 2026 • 5 min read
FCA urges principal firms to strengthen inactive AR oversight

FCA urges principal firms to strengthen inactive AR oversight

Gaps in governance, reporting, and consumer protection

Isabel Baxter
clock 21 April 2026 • 3 min read