View more on these topics

Regulators approve Royal London’s £219m Co-op deal

Loney-Phil-Royal London-2013
Royal London group chief executive Phil Loney

Royal London has received regulatory approval for its takeovers of the Co-operative Group’s asset management and life insurance businesses.

The Prudential Regulation Authority has approved the acquisition of the Co-operative Insurance Society as the Financial Conduct Authority waved through the deal to buy Co-operative Asset Management.

The £219m deal, which was agreed in March, is now expected to be completed on 31 July.

It will see Royal London’s funds under management increase from approximately £50bn to £70bn and its customer base increase from 4 million to 6 million.

Royal London members voted in favour of a deal at an extraordinary general meeting in June.

As part of the completion process, CIS must convert from an industrial and provident society to a limited company and change its name to RL (CIS).

Shortly following the transfer to Royal London, RL (CIS)’s name will change to Royal London (CIS).

Royal London group chief executive Phil Loney says: “Today is a significant milestone in the process of buying Co-op’s life insurance and asset management businesses.

“We have the approval of our members and now we have the approval of the PRA and FCA. The transaction can now go forward to completion and we can start to realise the benefits for Royal London members and for the Co-op’s policyholders.”

Co-op Banking group chief executive Niall Booker says: “The transfer of ownership of our life assurance and asset management businesses to Royal London will ensure the continued protection of our policyholders, within a strong, mutual business with the necessary scale and focus on the long-term savings sector.

“We believe this is the best outcome for our policyholders and members.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. another faceless conquest for royal London, and another kick in the face to co-operative insurance clients.
    they take their bonuses and sail off into the sunset, another disaster concocted up by peter marks/Neville the disgraced Britannia building society fool, still waiting to see if they have clawback on them.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com