Lloyds Banking Group (LBG) has completed its £12m purchase of protection intermediary Cavendish Online.
The deal was originally announced in June and Lloyds confirmed to Health & Protection that Cavendish Online would be keeping autonomy over its pricing model following the deal.
And speaking to Health & Protection in September, Lloyds Banking Group protection director Rose St Louis expanded on the reasons for the purchase.
She noted that once the acquisition is completed the intermediary will be somewhat ring-fenced and will serve a dual purpose with capabilities which the banking group does not currently have – advice, execution-only and non-advised guidance.
“We can point those three prongs towards our retail banking business to make sure we can be relevant to every kind of customer, whether they want full advice, to execute on their own, or they need some help in between,” she added.
Announcing the completion, the bank said: “Lloyds Banking Group will continue to offer mortgage-focused protection advice in branches, as well as providing Scottish Widows-branded protection products through independent financial advisers.
“Cavendish Online continues to offer insurance broker services to customers through its existing distribution channels, operating as a separate company within the group.”
