A management team of five was set up in April, overseeing the Bright Grey and Scottish Provident brands.
Edwards refutes market speculation that Bright Grey is set to become the insurer’s consumer-facing brand following the launch of an internet-based product in March, with Scottish Provident becoming the intermediary brand.
He says: “It is not true. Both brands are going to continue. The IFA market is big enough for multiple brands and multiple propositions.”
Edwards says that Bright Grey deals mainly with protection specialist advisers and mortgage brokers whereas Scottish Provident caters more to IFAs servicing high-net-worth clients.
He says: “We are going to be making some fairly strong marketing statements over the next few months highlighting the fact that the two brands are here to stay and both brands can support IFA propositions.”
But Highclere Financial Services partner Alan Lakey says: “I do not see a long-term future in having two companies effectively vying for the same business. This is particularly true now that they are sharing a common management structure.”