Lloyds Banking Group is to expand its range of pensions and investments and plans to roll them out to more customers as part of the bank’s three-year growth plan.
The Financial Times reports Lloyds wants to push into the wealth management sector as part of a strategic plan to be set out by chief executive Antonio Horta-Osorio next year.
One source told the newspaper Lloyds will focus on building its bancassurance offering to drive growth.
Lloyds currently has almost a quarter of the UK current account market but just 2 per cent of the wealth management market.
Scottish Widows pensions and investment director Mario Mazzocchi says: “Lloyds is in a unique position to offer financial planning, retirement and long-term savings solutions to retail customers and we expect demand for these products to grow, driven by a number of factors, including the introduction of pension freedoms, auto-enrolment and a shift from defined benefit to defined contribution pension schemes to name a few.”