The merging of Clerical Medical’s intermediary business with Scottish Widows’ will see Clerical Medical International (CMI) disappear as a brand, though there will be no change to its Isle of Man administered products, advisers have been assured.
The move will see the companies’ sales forces combine from July, resulting in up to 190 job losses. Lloyds Banking Group, owner of the companies, said the intermediary sales team will become the largest in the UK. A further 115 jobs are to be shed in customer services, Lloyds said.
Clerical Medical will continue to provide on and offshore investment products, but the brand will change to Scottish Widows. Scottish Widows had no offshore operation prior to its parent company Lloyds Bank – now called Lloyds Banking Group – acquiring Clerical Medical’s owner HBOS.
Scottish Widows systems and staff will provide the infrastructure behind the combined group’s pension products.
Rod Macdonald, intermediary marketing manager for CMI, said ongoing work to enhance the investment offering, which recently saw its fund range overhauled, and e-commerce proposition, remained on course, though he noted there would be no further developments in these areas for the next few months.