Thursday, 24 October 2013 14:48
Royal London sheds brands to focus on single name
Royal London plans to move to a single main brand for its UK life, pensions and investment businesses and will phase out the Scottish Life, Bright Grey, Moneyvista and Scottish Provident names.
Royal London's Ascentric wrap platform will continue to operate as a separate name and in the Republic of Ireland Royal London will continue to use the Caledonian Life brand.
However, over the next two years the company will move its main UK insurance businesses under a new brand identity focused on Royal London and to be unveiled before the end of the year.
Royal London says the move will mean the disappearance of some long-standing trading names that Royal London has used in the adviser market such as Scottish Life, Bright Grey and Scottish Provident. Royal London's financial education service Moneyvista will also move to operating under the Royal London name.
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Group chief executive Phil Loney said: "It is a key part of our strategy that Royal London will operate under a single brand across our UK pension, protection and asset management businesses.
"The transition will be phased in gradually over the next two years so that we can take customers with us on this journey. During this time our customers and their advisers will increasingly become familiar with the new Royal London brand.
"By moving to a single brand we can emphasise the scale and reach of Royal London across the investment, pension and protection markets, and seek to make the benefits of our mutual approach tangible for all of our customers."
He stressed, however, that this would not mean a change in focus and the company would remain fully committed to supporting financial advisers.
It should, however, mean that that the Royal London name become more visible and recognisable as a mutual provider - a key differentiator from competitors, he said.
He added that many of pension customers are already members of Royal London and the company aims to make the benefits of mutual membership an increasingly prominent part of its proposition.
There will be no major changes to the product ranges, service capability or key contact points for the brands, says Royal London.
To support the Royal London brand the company is launching a programme of high-profile promotional activity aimed at advisers and consumers.
Royal London claims to be the largest mutual life and pensions company in the UK with group funds under management of £73.5 billion. It serves 5.5 million customers and employ 3160 people with over 2m with profits customers and a with profits fund of £31 billion. Its main offices are in the City of London, Edinburgh, Wilmslow in Cheshire, Isle of Man, Glasgow, Reading, Dublin and Bath.
Royal London's Ascentric wrap platform will continue to operate as a separate name and in the Republic of Ireland Royal London will continue to use the Caledonian Life brand.
However, over the next two years the company will move its main UK insurance businesses under a new brand identity focused on Royal London and to be unveiled before the end of the year.
Royal London says the move will mean the disappearance of some long-standing trading names that Royal London has used in the adviser market such as Scottish Life, Bright Grey and Scottish Provident. Royal London's financial education service Moneyvista will also move to operating under the Royal London name.
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Group chief executive Phil Loney said: "It is a key part of our strategy that Royal London will operate under a single brand across our UK pension, protection and asset management businesses.
"The transition will be phased in gradually over the next two years so that we can take customers with us on this journey. During this time our customers and their advisers will increasingly become familiar with the new Royal London brand.
"By moving to a single brand we can emphasise the scale and reach of Royal London across the investment, pension and protection markets, and seek to make the benefits of our mutual approach tangible for all of our customers."
He stressed, however, that this would not mean a change in focus and the company would remain fully committed to supporting financial advisers.
It should, however, mean that that the Royal London name become more visible and recognisable as a mutual provider - a key differentiator from competitors, he said.
He added that many of pension customers are already members of Royal London and the company aims to make the benefits of mutual membership an increasingly prominent part of its proposition.
There will be no major changes to the product ranges, service capability or key contact points for the brands, says Royal London.
To support the Royal London brand the company is launching a programme of high-profile promotional activity aimed at advisers and consumers.
Royal London claims to be the largest mutual life and pensions company in the UK with group funds under management of £73.5 billion. It serves 5.5 million customers and employ 3160 people with over 2m with profits customers and a with profits fund of £31 billion. Its main offices are in the City of London, Edinburgh, Wilmslow in Cheshire, Isle of Man, Glasgow, Reading, Dublin and Bath.
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