Phoenix Life & Pensions

Bannister oversaw Standard Life acquisition

Cofunds sees high uphold rate

Retains platform and financial advice business

Have been declining since H1 2015

Deal follows Axa pension acquisition

Confirmed speculation in statement

Axa makes management changes

Closed life consolidator Phoenix Group is in talks with Guardian Financial Services over a buyout deal valued at more than £1bn.

Closed book consolidator Phoenix Group has appointed a new chairman to succeed former Financial Services Authority chairman Sir Howard Davies.

Phoenix Life has backed down from demanding a saver get financial advice before it would release his £13,300 pension pot.