Lloyds targets 'big push' into wealth management market

Eyeing up DB transfer market

Lloyds Banking Group is targeting a "big push" into the wealth management market to capitalise on pension freedom reforms, the Financial Times has reported.

The push into the financial planning space is set to be a part of the group's next three-year growth plan, with chief executive Antonio Horta-Osorio, who has committed his future to Lloyds, expected to reveal his strategy in February. According to the FT, one banker briefed on the plan said the strategy would focus on Lloyds' banacassurance offering and look to expand its pensions and investments products. The banking group, which includes the Lloyds Bank, Bank of Scotland, Halifax and Scottish Widows brands, pulled its mass-market investment advice service for those with less than £1...