Lloyds TSB Group is setting up a new product for the mass-affluent market, following a shutdown of Create, the wealth management unit it launched only a year ago.

A spokeswoman for the firm said that while Create has been suspended to new business because of difficult markets, Lloyds will be offering a new product to cater to new customers on the mass-affluent market. She declined to provide specifics on the product, or to set a time frame for its launch.