Lloyds Banking Group is set to shut down its standalone protection advice service, putting 1,250 branch staff roles at risk.
The move comes in the wake of reduction in customer demand for the products.
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The bank will exit standalone protection product advice through its Halifax, Lloyds Banks and Bank of Scotland branches, with number of job losses at Lloyds branches estimated to be approximately 700, 400 at Halifax, and 100 at Bank of Scotland.
However, the bank said that it will continue to offer protection advice as part of the mortgage sales process.
"Due to the nature of the roles impacted, there are no immediate suitable alternatives for colleagues, however colleagues will be fully supported in line with the group principles, policies and best practices, including outplacement support and given the significant challenges with internal redeployment, we will actively seek to support colleagues," added the bank.
At the same time, the lender is considering the possibility of offering products like critical illness and income protection through an online proposition.
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By GlobalData
