Yes it's true even though Lloyds own both, they operate under their own separate licence.

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=440726&in_page_id=7

I have been told by a Lloyds representative that if I deposit funds spread between

Scottish Widows and Lloyds Savings Account then, in the event of the bank failing, I will be refunded up to the current max £50K on each account as each product has a separate licence.

Can you tell me if this is true?

Thanks