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Lloyds TSB plans new wealth service as it axes Create

Lloyds TSB is scrapping its Create wealth management brand after just six months but claims it is still targeting mass affluent clients and a new service is under development.

The closure, blamed on market volatility, comes only weeks after the bank and its Scottish Widows subsidiary announced an investment of several million pounds in training 300 adv-isers to offer a specialist financial planning service.

Lloyds TSB said at the time that Create, which targeted customers with £60,000 or more to invest, would operate alongside the new service which would focus on the middle market but it admitted there would be some overlap.

It says Create customers will be transferred to a new mass affluent brand set to be launched later this year but the company will not confirm whether this is the service being developed with Widows or a separate project. It also refuses to say how many Create acc-ounts have been opened.

Lloyds TSB says Create only comprised a current account for customers when it started last October and not the originally intended link into equity products due to market volatility.

A spokeswoman says: “Due to changes in the market for this type of wealth management service, Lloyds TSB has suspended taking new customers into Create.”

IFA Baronworth Investments director Colin Jackson says: “Banks often think they can just mention their name and clients will come flocking to them but people with wealth tend to be shrewd and will shop around for the best deal.”

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