Lloyds pulls mass market investment advice

Lloyds Banking Group (LBG) will no longer offer a mass market investment advice service for clients with less than £100,000 to invest.

The group will continue to offer an advice service for those investors with more than £100,00. However, LBG said following an "extensive review" into how the market will change post-Retail Distribution Review (RDR), those with lower amounts to invest are less likely to seek advice on a fee basis. Smaller-scale investors will have access to a non-advised service through Halifax, Bank of Scotland and Lloyds TSB. The changes will take effect from November. The number of advisers affected is roughly 1,000, and they will be offered other roles within the business, Lloyds said. The...