Aegon reviews ScotEq brand

The 172-year-old Scottish Equitable brand is understood to be under review as its Dutch multinational owner Aegon aims to underline its financial strength and global image.

The review could see ScotEq become the latest casualty in the growing trend to drop the life industry&#39s link to its Scottish heritage which was once seen as a major selling point.

It follows Royal London&#39s decision to put the Scottish Life brand under review and Scottish Mutual and Scottish Provident becoming sub-brands of Abbey National for Intermediaries. The Scottish Amicable brand disappeared following its purchase by Prudential.

Aegon dropped the ScotEq brand for its asset management arm in 2000. Rival offices say the review could presage a move away from IFA-only distribution. Sharing part of its name with stricken Equitable Life is also thought to be a difficulty. ScotEq was founded in 1831 and was bought by Aegon in 1998.

Aegon UK head of public affairs Scott White says: “Scottish Equitable is a strong brand among intermediaries, less so among consumers. Being part of the Aegon group with its financial strength is an important factor in the business. We would not rule out changing the use of the Aegon name.”

Franklins Financial Services partner Neil Franklin says: “Consumers muddle Scottish-this with Scottish-that but IFAs are savvy enough to know the worth of the company whatever it&#39s called.”