Lloyds targets bancassurance as RDR creates 'advice gap'

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Lloyds Banking Group plans to double sales and profits from its bancassurance proposition within the next three years as it seeks to take advantage of an "advice and distribution gap" it believes will develop as a result of the Retail Distribution Review (RDR).

The group today declared, as expected, a commitment to Scottish Widows "both from an intermediary and bancassurance point of view" as it delivered the findings of a strategic review overseen by new CEO António Horta-Osório (pictured). It also outlined plans to be the "primary wealth adviser" to its UK mass affluent, affluent and higher-net-worth customers. It plans to achieve this through the development of a new investment platform - for the use of its in-house advisers only - incorporating Scottish Widows' and third party products. An improved online channel and an execution-only...

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