Happy Bank Holiday for Lloyds’ new panel firms

They’ve been waiting with bated breath but Lloyds Banking Group’s panel firms can finally breathe a sigh of relief – or not.

After a year of suspense to rival the best Hitchcock, the bank has finalised its first formal roster for its customer-pay panel.

First firms thought they would know by last January, then March. Then summer arrived and firms were still no closer to hearing whether they would win a coveted spot.

Just when the tension was getting unbearable, advisers heard the review would be kicking off early this year, with the bank collecting internal feedback on current firms.

Now Lloyds has made its decision, handing roles to Osborne Clarke, CMS Cameron McKenna and Hogan Lovells among others. CMS and Osborne Clarke are also on the prestigious own-account panel for the bank.

The third-party panel was split from the own-account roster in 2012, separating transactional work for which the customers pay the legal fees from group M&A legal roles.

It’s all change in the world of banking panels at the moment, with Barclays rethinking the way it uses advisers and RBS also thought to be gearing up for a revamp next year.

For the lucky clutch of Lloyds firms the weekend is shaping up to be a Bank Holiday to celebrate.

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