Standards to be raised when companies merge

New rules affecting Raising Standards and applicable when life companies merge have been released by the Raising Standards Quality Mark Scheme, the voluntary scheme that accredits financial services firms according to standards of customer care.

The Standards Scheme consulted consumer groups, regulators, the government and IFAs on proposed changes to the scheme in the light of increased mergers and acquisitions activity.

The amendments mean that if a merger takes place after both companies have been accredited separately the resulting combined brand will retain its accreditation.

However, if only one of the brands is accredited and the combined brand seeks to retain accreditation, certain key standards must be met by the unaccredited brand before any combined marketing can commence.

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