Lloyds to phase out Clerical Medical brand under restructure
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Lloyds Banking Group is set to merge its Scottish Widows and Clerical Medical intermediary sales forces under the Scottish Widows brand, with Clerical Medical to be phased out.
The sales forces, which come together on July 1, will be accompanied by a new intermediary product proposition which consists of Scottish Widows’ pension products and Clerical Medical’s onshore and offshore investment products.
The merger will see up to 305 jobs axed by the end of July. These include up to 190 jobs in the sales teams and a further 115 jobs in customer services.
Scottish Widows managing director Andy Briggs confirmed that the Clerical Medical brand will be phased out for new business.
He added that existing customers will be unaffected by the change.
Lloyds Banking Group executive director insurance Archie Kane says: “This is the first important step in our aim to establish one simplified organisation. We are mindful of the rich heritage and strength of the Clerical Medical brand however our research has shown that Scottish Widows is the most recognised and trusted brand in the market place.
“Today’s announcement takes us a step closer to achieving our vision. To be recognised as the best life, pension and investment company by our customers,
colleagues and shareholders. In doing so, we are bringing together the best of both of our heritage companies to provide a very strong platform for the future.”
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