A THIRD Scottish financial services brand in as many days is at risk as life and pensions mutual Royal London considers scrapping the names of both its “Scottish” divisions.
The company’s move to review its 132-year-old Scottish Life and 176-year-old Scottish Provident brands comes after Nationwide revealed it was getting rid of the Dunfermline Building Society name and closing half of its 32 branches.
Royal London, which is also reviewing its Bright Grey insurance brand, has continued to operate with a number of names. It acquired Scottish Life in 2000 and Scottish Provident in 2008.
The company said that although its numerous brands are “not in conflict”, it wanted to “build a greater recognition” of Royal London.
A spokesman said: “We have been undertaking work to support the recognition of Royal London as the name behind the largest life and pensions mutual in the UK and, more specifically, how our mutual status translates into something that is truly beneficial for our members and customers now and in the future. This runs through all areas of our business including the strong and well known brand names we currently have active in different areas of the financial services market.
“It is important that we harness the strengths that these brand names give our business whilst looking to build a greater recognition of the unique benefits they are able to give our members and customers as part of the Royal London Group.”
Royal London brand director Clare Sheikh, who joined the provider in March, is leading the rebranding efforts which will be complete in 2014.
Sheikh has a strong marketing background, having overseen Prudential’s “Man from the Pru” adverts in the 1990s.