The Scottish Widows Platform, the new name for The Embark Platform, has been launched today.

The move is part of a revamp for the Embark Group which was acquired by Scottish Widows' parent Lloyds Banking Group in February 2022.

As part of the shake up, the Advance by Embark Platform - the former Zurich Platform acquired by Embark in 2020 - is closing later this year with accounts moving to the Scottish Widows Platform.

Embark Group says the move will simplify its adviser offering onto a “single, easy-to-use platform” under the Scottish Widows brand.

The platform has had a number of enhancements this year with more planned as part of a £150m investment by Lloyds Banking Group.

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

Embark Group says the upgrades mark the “latest step” in Embark and Scottish Widows’ strategic "reshaping" of their intermediary proposition.

The Scottish Widows Platform uses the FNZ platform engine.

Later this year advisers on the Advance by Embark platform will move to the Scottish Widows Platform resulting in all advisers working with Embark using the Scottish Widows Platform.

Jackie Leiper, CEO of Embark Group, and MD pensions, share dealing & distribution at Scottish Widows, said: “The newly-launched Scottish Widows Platform will provide our intermediary partners with a slicker and more intuitive user experience. With further updates to come, this simplified offering makes it even easier for advisers to use our platform and help their customers achieve their investment goals.

“We’ve refocused the Embark brand to support our growing white label business for institutional partners, which is the next natural step in our growth story. With further investment to come, we are excited by the opportunities this could unlock for both advisers under the Scottish Widows Platform and our institutional B2B partners through Embark.” 

The Embark brand will still be available to institutional partners through Embark’s white label offering.

Embark Group holds £35.6bn in Assets under Administration for 385,000 individual clients and has eight UK offices, including London and Bolton.