Lloyds Banking Group is pulling out of standalone protection advice, leaving 1,200 branch staff at risk of redundancy, Money Marketing can reveal.
The bank announced to staff today that it will cease to offer standalone advice on protection products through its Halifax, Lloyds Bank and Bank of Scotland branches.
It will continue to offer protection advice alongside mortgage advice.
A spokesman for Lloyds says the decision is down to a lack of demand, and will affect 1,200 staff. Of these, 700 are with Lloyds Bank, 400 with Halifax and 100 with Bank of Scotland.
The spokesman says: “All of these staff are at risk of redundancy. We will do our best to find other job opportunities in the bank and will be offering voluntary redundancy packages.”
In a statement, Lloyds says it has announced a total of 1,250 job losses today. The additional 50 are in operational roles.
It says the job reductions are part of its strategic plan to cut around 9,000 roles over the next three years.
The bank continues to offer investment advice through its private banking services to those with £100,000 or more to invest, after pulling out of mass market investment advice in September 2012.