The Financial Conduct Authority has today fined Lloyds Banking Group’s general insurance arm nearly £91m for false promises on renewal premiums over an eight year period.

Lloyds Banking Group is set to launch a £400m takeover of fast growing retirement and wealth management company Embark Group, according to a speculative report from Sky News over the weekend.

Schroders Personal Wealth, the Financial Planning joint venture launched by Schroders and Lloyds Bank, has reported a 75% increase in referrals supported by the firm’s new relationship consultants but has only published limited results for the latest quarter.

The target for Schroders Personal Wealth to become a top 3 Financial Planning business by 2023 has been pushed back two years to 2025 amid signs growth is providing harder to achieve than expected.