Former Aviva UK Insurance CEO Andy Briggs is set to replace the retiring group chief executive Clive Bannister at the helm of Phoenix Group Holdings.

The FCA has today fined Standard Life Assurance Limited (SLAL) £30,792,500 for failures related to non-advised sales of annuities.

Phoenix Group Holdings is planning to buy Standard Life Assurance, the insurance operation, and Vebnet Limited (Standard Life’s employee benefits arm) for a total of £3.24bn.