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Lloyds to axe protection advice service

Lloyds Banking Group is soon to axe its protection advice service, leaving consumers without guidance or advice on protection products.

The banking group will no longer offer stand-alone protection product advice through its Halifax, Lloyds Bank and Bank of Scotland branches. The number of job losses at Lloyds branches is expected to be around 700, Halifax is expected to be 400, and 100 at Bank of Scotland. It will continue to offer protection advice alongside mortgage advice.

A Lloyds spokesman said:

“The vast majority of roles impacted are as a result of changes the group is making to the way it offers protection products through the Halifax, Lloyds Bank and Bank of Scotland branch networks.

“As a result of significantly reduced customer demand, these products will no longer be available on a stand-alone basis. We will continue to offer protection as part of the mortgage sales process.”

Lloyds continues to offer investment advice to those with £100,000 or more to invest via financial advisers.

If you have less than £100,000 to invest or are looking for advice on protection products, we can help. If you are ever unsure about a product you are buying and are uncertain if you need protection advice, or if you are looking to invest money to get a good return but don’t know where to start, simply call us on 0800 092 1245 or ask us a question online. Our fully qualified financial advisers will get back to you at a convenient time, and can talk through your questions and worries with you. As it gets harder to talk to high street banks about financial guidance, we will still be here to help.

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