Strong IFA links may ensure Clerical Med brand survival

The £12.2bn merger has raised questions over whether Lloyds-owned Scottish Widows and HBOS-owned Clerical Medical will function side-by-side or join together as part of the new super bank. Advisers argue the “strong relationships” both firms have with IFAs suggest Lloyds will be keen to keep the brands as they are. The majority of the investment and insurance business at Lloyds TSB is placed through IFAs while business at HBOS is evenly split between bancassurers and advisers. Clerical Medical and Scottish Widows say they are unable to comment on Lloyds’ plans at this stage. “It wil...