Lloyds Banking Group has proposed simplifying the structure of its banking licences by consolidating the licences for Lloyds Bank, Lloyds Private Banking (LBPB) and Scottish Widows Bank (SWB).
The financial institution said it is writing to all Lloyds Bank Private Banking and Scottish Widows customers to make them aware of the change and what this means for them.
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Lloyds has approximately 50,000 private banking customers.
A Lloyds Banking Group spokesperson said: “For the vast majority of customers there is no impact – they will use the same products and services as they do today and we will continue to offer the full FSCS protection to banking customers under the terms of the Lloyds Bank licence.”
The spokesperson added: “A small number of banking customers who hold combined deposit balances above the FSCS limit will be offered the opportunity to withdraw funds from their account(s), without penalty or notice, to reduce their total balance held with Lloyds Bank plc.Customers who hold discretionary investments will not be impacted by this change.”
Eligibility criteria
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By GlobalDataLloyds UK Wealth face-to-face service provides financial advice (up to age 85) for customers with a minimum of £250,000 income or £250,000 in savings, investments and personal pensions.
Customers with a minimum of £250,000 of savings and investments with Lloyds Bank or a mortgage of greater than £750,000 with Lloyds Bank are eligible for a private banking relationship and private banking accounts.
Customers with savings and/or investments of more than £2m and/or sole annual income of more than £500,000 may be eligible for the bank’s private client service, offering banking, lending, savings and investments and retirement planning.
