Lloyds Banking Group is to wind down its Clerical Medical brand in favour of Scottish Widows in the coming years, it has confirmed today.
The firm says the changes will result in the loss of around 300 jobs in the coming months.
Lloyds plans to merge the Scottish Widows intermediary sales force with Clerical Medical and, over time, will not use the Clerical Medical brand for new business.
It says existing Scottish Widows and Clerical Medical policyholders will be unaffected.
From 1 July, the sales forces of the two brands will be combined, with up to 305 jobs in jeopardy.
Lloyds chose the Scottish Widow brand over Clerical Medical following feedback from key intermediary partners.
Once the teams are combined, pensions will carry the Scottish Widows brand, while onshore and offshore investment products will remain Clerical Medical branded but will be slowly rebranded to the Scottish Widows name.
Archie Kane, group executive director of insurance at Lloyds Banking Group, says: "This is the first important step in our aim to establish one simplified organisation.
"We are mindful of the rich heritage and strength of the Clerical Medical brand however our research has shown that Scottish Widows is the most recognised and trusted brand in the market place.
"Today's announcement takes us a step closer to achieving our vision: to be recognised as the best life, pension and investment company by our customers, colleagues and shareholders."
Will the rebranding affect you? Is it a good idea for Lloyds to merge intermediary teams? Send your comments to [email protected]IFAonline
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