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Standard Life completes life arm sale to Phoenix

Sign-Signing-Letter-Contract-Business-700.jpgPhoenix Group has completed the acquisition of Standard Life Aberdeen’s Assurance limited.

The final value for the deal has come in at £3.28bn, including £2.28bn in cash and a 20 per cent shareholding in Phoenix Group for SLA.

SLA has has also confirmed plans for returning £1.75bn to its shareholders, £1bn to be returned through a new share scheme and £750m through a share buyback.

SLA chairman Sir Gerry Grimstone says: “This is a momentous day for Standard Life Aberdeen as we continue to build a world-class investment company. Corporate transformations of this scale require clear vision and huge commitment from all those involved.”

Standard Life shareholders approve Phoenix deal

He added: “Maintaining continuity of service and enhancing optionality for all our customers and clients has been a key imperative.

Phoenix hits back at ‘simplistic’ exit fees criticismThe firm has reiterated its commitment to advice business 1825 and adviser platforms Wrap, Elevate and Parmenion.



Pensions committee chair Frank Field quits Labour party

Work and pensions select committee chairman and veteran Birkenhead MP Frank Field has decided to quit Labour over the party’s failure to act on anti-Semitism and bullying allegations. The MP, who has been instrumental in inquiries into defined benefit pension transfers, the collapse of BHS and Carillion, the FCA’s approach to Sipp supervision, and the […]

Protection challenger opens for business

New protection provider Guardian Financial Services has opened to advisers following a pilot with four intermediary firms. The business has backing from the Gryphon Group, which bought the Guardian insurance brand in December last year. Guardian has been launched with £180m of investment. It is initially offering critical illness and life insurance with income protection […]


Lifetime Isa sales fall short of predictions

The number of Lifetime Isa sales in the product’s first year have fallen around 34,000 short of government expectations. Savers have also placed around £400 less into the vehicle than predicted, according to statistics from HM Revenue and Customs this morning. There have been 166,000 accounts taken out in the first twelve months of the […]


Auto-enrolment arrives but is it a done deal for small firms?

When business secretary Vince Cable told the Liberal Democrat party conference he had defeated the Tory “headbangers” who “find sacking people an aphrodisiac”, there was little doubt who he was thinking of – Adrian Beecroft. The Beecroft report, which was commissioned by the Government and published in October last year, contains a series of radical […]


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