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.

Scottish Widows and Lloyds Banking Group’s Wealth businesses have given notice to terminate their partnership with Standard Life Aberdeen which manages over £100bn of Scottish Widows and Lloyd’s Bank client funds.

Parmenion, the adviser platform and investment service, has told users that there will be no change to the way it operates despite the merger this week between its parent company Aberdeen Asset Management and Standard Life.

The merger of Aberdeen Asset Management and Standard Life has completed today to form Standard Life Aberdeen, a financial giant with with assets under administration of £670 billion.