Lloyds Banking Group said last week that Clerical Medical will be phased out in favour of the Scottish Widows’ brand. The salesforces will merge from July and 305 staff, including 115 in support services, will be axed.
Richard Jacobs Pension and Trustee Services managing director Richard Jacobs says: “There will be at least a year of messing about until they bring their systems together. It is a good reason to stay away from them for the time being until they sort themselves out.”
Worldwide Financial Planning IFA Nick McBreen says: “There are always problems with integrating systems. It will be a challenge and they are going to have to step up to the plate. Whether they can or not, only time will tell.”
A Lloyds Banking Group spokesman says: “We are committed to maintaining excellent customer service levels.”
The group will not divulge whether senior management at Clerical Medical, including managing director John van der Wielen, will be retained.