Chief executive of the firm’s intermediary division John Deane says: “Our multi-brand approach is working well, as recent new business and financial results confirm. To enable us to fully capitalise on this competitive advantage, we have decided to bring the two brands under the control of a single management team.”
The management team will consist of five people, led by Bright Grey’s Ross Ainslie.
Royal London has not ruled out redundancies although it insists the restructure is designed to boost efficiency rather than reduce head count.
Scottish Provident managing director Hugh McKee will be deployed to another senior position within Royal London after the transition has taken place.
Royal London acquired Scottish Provident from Pearl Group after the firm bought Clive Cowdery’s original Resolution in 2007.