The £242m merger of platform Nucleus and SIPP and SSAS provider Curtis Banks has received regulatory approval after the conclusion of a review by the Competition and Markets Authority (CMA).

Nucleus says the deal will create an £80bn adviser platform group.

The two companies will continue to operate separately for the time being but Curtis Banks will eventually be rebranded under the Nucleus banner.

In July Nucleus self-referred the merger to the CMA which has now said it will not launch an investigation into the deal as it does not present competition issues. As the merger has now been given the green light by the CMA it can move ahead.

Nucleus said the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and Solicitors Regulation Authority (SRA) have all now issued their approvals, and the Competition and Markets Authority (CMA) has concluded that the transaction “does not qualify for investigation under UK merger control law.”

Nucleus said the combination of the two firms will create a “leading retirement-focused adviser platform” with approximately £80 billion of assets under administration. The combined platform will work with nearly 5,000 advisers and nearly 250,000 customers.

The group says the “transformational deal” will unlock further investment in technology, people, products, price and service for the benefit of advisers and their customers.

For the immediate future both businesses will continue to operate autonomously and there will be no immediate change for advisers or clients of either business, Nucleus said.

Peter Docherty, currently Interim CEO of Curtis Banks, will continue to lead Curtis Banks reporting to Richard Rowney, group CEO of Nucleus.

Richard Rowney, CEO of Nucleus, said: “We are pleased to have now received regulatory approval, and look forward to completing this transformational deal in the coming weeks. We’ll then start working closely with our new colleagues at Curtis Banks to bring together our businesses and provide a best-in-class service to the advisers we serve.

“We’re creating one of the largest adviser platform groups in the UK with assets under administration of c.£80bn. Curtis Banks will be an important part of our group, bringing award-winning SIPP and SSAS offerings, which will help us in our purpose of helping make retirement more rewarding.”

Peter Docherty, interim CEO of Curtis Banks, said: “Receiving regulatory approval is a key milestone in the acquisition process. Once the transaction completes we can start to bring our businesses together in a considered, mindful and practical way, ensuring we have the best combination of technologies, operations and structure that can deliver the group’s strategy.”

The acquisition was approved by Curtis Banks shareholders in February but remains subject to a court sanction hearing which is expected to complete in the coming weeks, Nucleus said.

• Story updated to make clear that Nucleus self-referred the merger to the CMA in line with competition rules.