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Lloyds wields axe but keeps multi-brand options for advisers

Advisers have welcomed news that Lloyds Banking Group will maintain a multi-brand strategy with a choice of intermediary brands.

On Tuesday, the group revealed it is scrapping its Bank of Scotland and Intelligent Finance intermediary arms as well as closing its Cheltenham & Gloucester branches.

It is retaining C&G for intermediaries, Halifax, BM Solutions and Scottish Widows. In April, the bank axed the Clerical Medical brand.

Lloyds says the restructure could mean 1,660 jobs being lost across the UK.

London and Country mortgage adviser David Hollingworth says: “Brokers will be happy as they will still be able to access all the types of product they could before. Lloyds still covers the full spectrum.”

Personal Touch Financial Services sales director Dev Malle says: “We knew a rationalisation was going to happen but at least this has still left choice for advisers. For intermediaries, C&G, BM and Halifax were always the easiest to sell. Losing the BOS brand will be less of an issue for them.”

Lloyds Banking Group sales director Nigel Stockton says: “These are tough changes but focusing our attention on these key intermediary brands will help us deliver a better quality of service and range of products to our intermediary partners.”

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