Lloyds Banking Group has ushered in a significant leadership change and committed to a major national initiative aimed at transforming how people in the UK save and invest.
New Investment Chief for a Pivotal Era
Peter Fitzgerald has been named the new Chief Investment Officer for Lloyds Banking Group. He will take over from Kevin Doran, who is set to leave the group early in 2026 after playing a key role in shaping its investment strategy.
In his new position, Fitzgerald will be responsible for overseeing investment strategy and fund management across the group's Scottish Widows and Schroders Personal Wealth businesses. His mandate is to support the group's goal of delivering market-leading financial solutions to its customers.
Chirantan Barua, CEO of Scottish Widows and CEO of Insurance, Pensions & Investments for the group, welcomed the appointment. "Peter's arrival marks an exciting new chapter for Lloyds Banking Group," Barua stated. "His extensive experience in multi-asset investing and demonstrated leadership will be crucial in delivering greater value for our customers."
Peter Fitzgerald expressed his enthusiasm, saying, "I'm delighted to join Lloyds Banking Group at such a pivotal time. I look forward to building on the strong foundations laid by Kevin and driving innovation in investment solutions for our customers."
Uniting the Industry to Boost UK Investment
In a separate but related development, Lloyds Banking Group has joined forces with 17 other leading finance firms to launch the UK Retail Investment Campaign. This landmark, industry-wide effort is designed to fundamentally change how Britons think about investing for their long-term financial security.
The campaign, which is fully funded by the member firms, is scheduled to launch in April 2026. It represents a rare moment of collaboration across the financial services sector, with competitors working together to raise public awareness about the importance of investing for personal financial wellbeing and its positive impact on the wider economy.
The initiative has secured support from His Majesty's Treasury (HMT), the Financial Conduct Authority (FCA), and the Money and Pensions Service (MaPS). The Investment Association (IA) will act as the campaign's Secretariat.
Making Investing Accessible for All
Chira Barua commented on the group's involvement, highlighting Lloyds' commitment to democratising investing. "As the UK's leading financial services group, Lloyds Banking Group is proud to be supporting the UK Retail Investment Campaign," Barua said.
"Our scale and reach mean we can make investing accessible to more people, empowering Britons to take control of their financial futures. From simple options like Ready-Made Investments to InvestWise – our fee-free investing accounts for 18–25 year olds – we're committed to helping everyone feel confident about starting their investment journey."
Chris Cummings, Chief Executive of the Investment Association and Deputy Chair of the Campaign, underscored the urgent need for the initiative. "With only just over a third of UK adults agreeing that 'investing is for someone like me', many people could be missing out on the benefit that investing could bring," Cummings noted.
"By bringing together a wide range of firms from across the financial sector for a multi-year campaign, along with the support of the government and regulator, we will raise awareness that, while cash savings are important, many more people should be investing to fulfil their long-term financial plans. Together, we hope to inspire a nation of people who are ready to take the next step and invest in their futures."
