The Embark platform will be rebranded as the Scottish Widows Platform as part of a major redesign of the Embark group.
As part of the restructuring, the Advance by Embark platform, the former Zurich platform acquired by Embark in 2020, will be closed later this year and accounts will be migrated to the Scottish Widows Platform.
Embark plans to outline its future plans for the rebranded platform in the coming months and provide details in writing to advisors.
The Embark Group was acquired by Lloyd’s Banking Group, parent company of Scottish Widows, in February 2022.
According to Embark, the rebranding is a “business name and brand change only” and the existing Embark platform provider Embark Investment Services Limited (EISL) will remain.
The account name will be changed to Scottish Widows, but the Advisor Terms and Client Terms will remain the same. User IDs and passwords will not change, Embark said.
Mr Embark said Scottish Widows has “significant investment plans” for the Scottish Widows platform.
Planned new services include improvements to payments, top-ups and new investment solutions. A new customer management and advice tool will also be launched.
Embark CEO Jackie Leiper said: “By combining our state-of-the-art platform and products with Scottish Widows strength, support and experience, we will be able to offer an even wider range of products and services to advisors and their clients. We are committed to continuing to invest in , technology and services in our brokerage relationship.”
Snap analysis of today’s financial plans: Advance by Embark’s platform closure comes as no surprise to industry watchers and is seen by many as a cleanup of the rather messy business portfolio owned by fast-growing Embark I guess. The much larger Lloyds Banking Group. Perhaps more surprising is that the Embark Platform has been relaunched under the Scottish Widows Platform name. No other platform will welcome the big marketing power of a Scottish widow entering the platform race. The deal could mark a new era of competition in the platform market, but it is still in its early stages and details of the Scottish Widows platform plans will be awaited to assess potential upheaval. .