The Financial Conduct Authority (FCA) has given the go ahead for LEBC Group to become part of Aspira.
In a statement on the Aspira website, Aspira revealed the regulator has agreed that the two organisations can amalgamate into one single business going forwards.
In a further statement Aspira revealed it was acquiring the trading assets and personnel of its sister company, LEBC Group Limited.
The combined entity will provide pensions and investment advice to more than 1,600 corporate entities and over 15,000 individuals with around £4bn of assets under advice.
The transfer of assets has received consent from the regulator following extensive consultation and has the full support of BP Marsh – the major shareholder of LEBC Holdings and the parent company of both organisations.
All LEBC Group customers and staff will be transferred to Aspira with immediate effect, with no impact on the service provided. Customers’ underlying pension and investment assets remain unaffected by this process.
As part of the transaction, LEBC Group has entered administration, with insolvency practitioners from FRP Advisory having been appointed and LEBC Group being wound up in an orderly manner.
Derek Miles, the chief executive officer (CEO) of both organisations said on Aspira’s website: “Other than the name, nothing changes for you with all contact information remaining the same although email addresses of LEBC staff will transfer to Aspira email addresses which we will update you on in due course”.
In the meantime LEBC emails will be redirected to Aspira.
“This is a really exciting time for the enlarged Aspira business and we look forward to continuing to support you with your financial goals and journey in the coming months and years”, Miles said.
LEBC Group has been approached for comment.