The ad, which was created by Adam & Eve/DDB and first shown in April 2017, features Lloyds’ black horse galloping through varied environments, while a stripped-back cover of Fatboy Slim’s Praise you, by singer Hannah Grace, plays over the top.
It ends with the voiceover: "Britain has seen great change over the past 250 years, and through it all, we have been, and always will be, by your side."
Edmonds had made his own complaint to the ASA earlier this year, alleging that the ad was misleading, due to what he has depicted as an inadequate response from Lloyds Banking Group to the the victims of fraud committed by bankers at HBOS, before it was acquired by Lloyds, among other issues.
The watchdog told Campaign last month that it had considered Edmonds’ complaint, but because he was also taking legal action against Lloyds, decided it could not take up the case.
But the ASA confirmed it had since received a similar, but more detailed, complaint from Keystone Law, which represents Edmonds. At the time, the ASA said it had not decided how to proceed – but it has since written to Keystone to confirm that it will move forward with a full investigation.
The regulator will be investigating the ad under four rules of the BCAP Code, covering misleading advertising and substantiation.