Lloyds Bank changes track on broker account options
Lloyds Bank is to expand the number of options on the table for brokers just months after the furore over its move to close undesignated client accounts, Insurance Age can reveal.
Insurance Age previously revealed that the bank had written to some brokers in April telling them to decide between opening up to 10 individual designated client accounts and closing the undesignated client account or to seek alternative arrangements with another bank.
Brokers complained that they had been given less than a month to decide.
The move, due to Lloyds Banks’ interpretation of the money laundering regulations, led the British Insurance Brokers’ Association to ask the regulator to
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