Lloyds advisers still in limbo over customer-pay panel review

Lloyds Banking Group has still not informed its external advisers about the timescale for its customer-pay panel review, after partners at law firms originally expected the process to kick off earlier this year.

Partners are in a situation of confusion over the revamp, which they had originally thought was set to go ahead months ago (25 February 2013).

Firms on the roster give advice relating to Lloyds’ lending work for which the bank’s customers pay the fees. It is understood to include a number of leading City and US firms.

Last year the UK bank completed a review of its own-account panel (2 November 2012) but separated off its customer-pay work, with partners moving to the assumption that places on this adviser list would be dished out in early 2013.

However, it has emerged that the bank has not formally informed any panel firms about a review at any point this year.

Nonetheless, Lloyds intended to launch the review in March but has since delayed the procedure again, with firms out of the loop over whether submissions would be called for later this year.

A banking partner in London said: “The sorted the own-account panel and made clear it was not customer-pay – customer-pay would be later. But we haven’t heard anything.”

Lloyds declined to comment.