In its 2021 annual report, Lloyds confirmed its intention to create a new mass affluent offering, including a “digital-first integrated offering” combining banking, insurance and investment products.

It set out it wanted to target around two million customers with income or wealth above £75,000 to “create a step change in how the group engages with affluent customers to meet their holistic needs”.

And according to documents obtained by the Mail on Sunday, it suggests Lloyds – including Halifax and Bank of Scotland – is set to create a tier system according to how much profit they generate.

The report suggested that ‘lower tier’ customers could face longer phone wait times and be encouraged to use ‘self-serve’ solutions.

However, Lloyds denied any plans to reduce service quality for any customer groups, adding that it’s mass affluent offerings will be similar to premier type services offered by competitors.

A spokesperson, said: “As we said at our strategic update in February, we are looking to deepen relationships with existing customers and to develop a mass affluent offering, where we are currently under-represented.

“This means we will continually look at ways to tailor what we offer to meet the changing needs of all of our customers.”