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

Titan Wealth snaps up Workplace Advice Group

Titan Wealth snaps up Workplace Advice Group

Acquired business will ‘work closely’ with Titan Wealth Planning

Sahar Nazir
clock 01 April 2025 • 2 min read
FSCS deposit protection limit could rise to £110,000

FSCS deposit protection limit could rise to £110,000

Proposal would take effect from December 2025 if approved

Sahar Nazir
clock 31 March 2025 • 2 min read
Rathbones labels two funds under 'Sustainability Focus' category

Rathbones labels two funds under 'Sustainability Focus' category

Effective from 2 April

Sorin Dojan
clock 31 March 2025 • 1 min read