Lloyds Banking Group is set to launch a £400m takeover of fast growing retirement and wealth management company Embark Group, according to a speculative report from Sky News over the weekend.

Embark has appointed LV= Financial Services senior independent director and risk chair David Barral as its new chairman.

Retirement solutions and platform provider Embark is planning a tie-up with Openwork, one of the UK’s largest adviser networks, which will see Embark's new Advance platform become the lead supplier to Openwork’s 2,000 advisers for five years until 2026.

Pension and investment group Embark has rebranded the Zurich Investment and Retail Platform after completing the takeover of the business.