Regulators approve Aviva-Friends Life merger

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The merger between Friends Life and Aviva has been cleared by the regulators, meaning that only the shareholder vote now remains to be cleared.

The deal was cleared by both the Financial Conduct Authority and the Prudential Regulation Authority, as well as the European Commission.

The £5.6bn deal will see the two firms merge and create an insurer with 16m UK customers, Aviva's shareholders will vote on the deal on 26 March 2015.

The merger would then be effective from 10 April 2015 and shares will be traded on the London Stock Exchange from 13 April 2015.

Friends Life is the parent company of Sesame, the restricted adviser network which was revealed in January 2015 to be in need of financial support to remain viable.

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