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Lloyds TSB Launches Premier and Privilege
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Date: 18th Mar 2003
Last year Lloyds TSB piloted a new customer service proposition called the Premier Banking Service. For a monthly fee of £15 all customers with a sole gross income of £60,000 and/or between £100,000 and £250,000 in marketable assets get a better product offering and access to a better service delivery channel. Joint Account holders can also qualify for the service if they meet the criteria or have a combined income of £80,000. According to Lloyds TSB approximately 370,000 of its current customer base meet the criteria for the Premier Banking Service.
Lloyds TSB recently announced that the pilot had been a success and the new service will be launched in a phased roll out between the middle of March and the end of May. Lloyds TSB Group Union (LTU), which represents 43,000 staff, said in a recent Newsletter that whilst it supported the idea behind the new account and service proposition it was concerned about the potential impact it would have on its Financial Consultant members. It said that removing 370,000 customers to a better product offering and service delivery channel could result in Financial Consultants losing up to 5% of their business to Financial Planning Managers. LTU has said that the evidence from the pilot on this point was inconclusive and have asked for more research to be carried out.
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