FCA approval for Standard Life-Aberdeen mega merger

In an announcement this afternoon, the companies stated that the City regulator, along with the Prudential Regulation Authority, have confirmed their approval.

The statement read: “Standard Life and Aberdeen are pleased to announce the Financial Conduct Authority and the Prudential Regulation Authority have confirmed their approval to enable the merger between the two groups to proceed,” the firms said in a joint statement to the London Stock Exchange.

“The transaction remains subject to certain regulatory approvals in other jurisdictions and to final approval at a court hearing scheduled for August 11 2017.

“The merger is currently expected to complete on August 14, 2017.”

However, the deal still remains subject to regulatory approvals in other jurisdictions and to a final approval at a court hearing scheduled for 11 August.

It is expected to complete on 14 August.

The FCA and PRA’s consent comes after the Competition Markets Authority gave the £11bn tie-up its blessing in June after overwhelming shareholder backing.

The deal will create the UK’s largest asset manager with AUM set to total around £660bn.

Between the two groups, the firms employ around 10,800 staff.