Lloyds returns to profit; eyes orphaned IFA clients

Laura Miller
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Lloyds Banking Group is back in the black after announcing a profit before tax of £2.1bn for the six months to the end of June - and said it is on course to target IFA clients orphaned by the Retail Distribution Review (RDR).

The profit compares with a loss of £456m for the same period last year. The bank said it had made substantial progress on strengthening its balance sheet, although "further work remains to be done". On its life and pensions side - which includes Scottish Widows - Lloyds said it continues to see strong growth in corporate pensions, which it said reflects the strength of its proposition and the strong pipeline generated in the run-up to the implementation of the RDR. It has now launched an enhanced annuities product as a step to expanding its participation in the annuity market. T...

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