As part of the shake-up the Advance by Embark platform, the former Zurich platform acquired by Embark in 2020, will shut later this year with accounts transferring to the Scottish Widows Platform.

Embark will outline its future plans for the rebranded platform in the next few months and will write to advisers with details.

Embark Group was acquired by Lloyds Banking Group, parent company of Scottish Widows, in February 2022.

Embark says the rebrand is a “change of trading name and branding only”, with the existing Embark platform provider Embark Investment Services Limited (EISL) remaining as it is.

Account names will change to Scottish Widows but there will be no changes to adviser terms of business or client terms and conditions. User IDs and passwords will stay the same, says Embark.

Embark says that Scottish Widows has “significant investment plans” in place for the Scottish Widows Platform.

New services planned include improvements to payment functionality, charging capability and new investment solutions. New client management and advice tools will also be launched.

Jackie Leiper, Embark chief executive, said: "The combination of our modern platform and products with Scottish Widows’ strength, support and experience will allow us to deliver a better range of products and services for advisers and their clients. We are committed to continuing to invest in our business, our technology and in our intermediary relationships."

Embark Group has £35.6bn in Assets under Administration for 385,000 individual clients and has eight UK offices including London and Bolton. The company became part of the Lloyds Banking Group in January 2022.

Financial Planning Today Snap Analysis: The closure of the Advance by Embark Platform will be no surprise to industry watchers and will be seen by many as the tidying up of a rather messy portfolio of businesses owned by fast growing Embark, now of course part of the much larger Lloyds Banking Group. The relaunch of the Embark Platform under the Scottish Widows Platform name may be more of a surprise. Other platforms will not welcome the significant marketing muscle of Scottish Widows entering the platform fray. The deal could mark a new era of competition in the platform market but it is early days yet and details of the Scottish Widows Platform plans will be eagerly awaited to assess the potential for upheaval.