Now Lloyds wants to flog you a pension

BANKerS at Lloyds are plotting to sell more investment and pension products to customers.

The bank has spotted an opportunity in the so- called pension freedom reforms which allow customers more choice over how they spend their nest egg when they finish work.

The bank is set to beef up its wealth management arm as a result, offering advice to thousands about what to do with this cash. But campaigners warned that the lender’s chequered history should give clients pause for thought. Lloyds was by far the most enthusiastic participant in the PPi mis-selling debacle and has since been forced to shell out £ 18.1bn to victims. Just last month, the bank announced it would repay almost £300m to 600,000 mortgage customers over mistakes when it collected their payments.

Lloyds insists its culture has changed and staff’s pay is no longer linked to how many products they sell.

Justin Modray of consumer advice group Candid Money said: ‘Historically, banks’ track records have been poor in wealth management.’