We use cookies to improve site performance and enhance your user experience. If you'd like to disable cookies on this device, please see our cookie management page.
If you close this message or continue to use this site, you consent to our use of cookies on this devise in accordance with our cookie policy, unless you disable them.

Close
In association with

Home > Your Industry > Companies & People

Lloyds pulls advice offer for sub-£100,000 customers

No advisers will be made redundant, although clients will be shifted to a non-advised service from November.

By Michael Trudeau | Published Sep 27, 2012 | comments

Lloyds Banking Group will stop offering advice to people with less than £100,000, as lower-value customers flee fee-based advice in the run-up to the Retail Distribution Review.

After examining how the market is likely to evolve post-RDR, Lloyds has decided to no longer offer investment advice from November to customers with less than £100,000, although they will continue to offer protection advice.

In a statement, a spokesperson for the group said: “For the majority of our customers demand for a fee based financial planning service decreases when they have lower amounts to invest.

Existing retail investment customers with less than £100,000 will still have access to a non-advised service through Halifax, Bank of Scotland and Lloyds TSB.

Customers with more than £100,000 of investible assets and who could benefit from financial planning will be referred to the company’s private banking service for fee-based investment advice.

The spokesperson added: “All of our financial advisers will be offered new roles within our business. There will be no compulsory redundancies.”

visible-status-Standard story-url-FTA lloyds MT 270912.xml

COMMENT AND REACTION
Most Popular
More on FTAdviser
FTA jobs