Lloyds pulls mass market investment advice
The group will continue to offer an advice service for those investors with more than £100,00.
However, LBG said that following an “extensive review” into how the market will change post-Retail Distribution Review (RDR), those with lower amounts to invest were less likely to seek advice on a fee-basis.
Those with less than £100,000 will have access to a non-advised service through Halifax, Bank of Scotland and Lloyds TSB.
The changes will take effect from November.
While the group would not confirm the exact number of advisers that that would be affected, it is expected to be roughly 1,000, with each will be offered other roles within the business.
There will be no compulsory redundancies but the bank will make voluntary redundancy available.
A spokesperson for the group said: “We will give customers information and help with savings products on a non-advised basis and during 2013 we will increase the range of savings products available.
“Customers with over £100,000 of investible assets who would benefit from holistic financial planning will be referred to our private banking service, which will offer tailored fee paying investment advice.
“We will continue to grow our Bancassurance business. It will be a simplified business with transparent products that add value and protect our customers. Bancassurance remains part of our overall strategy to become the best bank for customers.
“All of our financial advisers will be offered new roles within the business. There will be no compulsory redundancies.”