Lloyds statement signals further strife for life sector

Professional Adviser
clock

Lloyds TSB's pre-results trading statement released this morning has caused its shares to tumble 12p...

Lloyds TSB's pre-results trading statement released this morning has caused its shares to tumble 12p to 630p by midday as earlier readings of good headline sales figures have been replaced by reactions to the company's admission that it will have to boost the provisions set aside to cover bad debts primarily caused by falling stock markets. Overall loans and advances to customers in the year to 31 March were up 12% to £128.3bn and the firm remains on target to end the year with the average customer holding 2.5 products. The Scottish Widows life and pensions business has been tra...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

Building Society-owned Newcastle Financial Advisers acquires Openwork firm

First of a number of acquisitions

Hannah Godfrey
clock 09 December 2019 • 1 min read

Bond managers fear hedges being undermined as liquidity dries up

The recent sell off in the bond market and growing liquidity issues have forced bond investors to use similar hedging techniques, undermining their effectiveness and causing concerns about how much downside protection funds really have.

Anna Fedorova
clock 03 July 2013 •

Police launch investigation into mortgage middleman fined £1m

West Midlands Police have launched a fraud investigation into a Birmingham financier over his role in sale and rent back agreements.

clock 25 June 2013 •