Clerical Medical ditched in favour of Scottish Widows
Clerical Medical, the HBOS-owned pension and investment provider, is to close to new business from 1 July.
Following the merger of HBOS and Lloyds TSB, it has been decided that the 185-year-old Clerical Medical brand will disappear from 1 July 2009. The Scottish Widows brand, which was originally part of Lloyds TSB, will continue to operate after research by the newly formed Lloyds Banking Group found it was more “recognised and trusted” than Clerical Medical.
Archie Kane, group executive director of insurance at Lloyds Banking Group, says the move will result in 305 jobs being cut from both its sales and support teams.
"This announcement takes us a step closer to achieving our vision: to be recognised as the best life, pension and investment company by our customers, colleagues and shareholders,” he adds. “In doing so, we are bringing together the best of both of our heritage companies to provide a very strong platform for the future.”
Scottish Widows was founded as Scotland’s first mutual life office in 1815, and is famed for its marketing campaigns featuring a widow dressed in a black hooded robe. The original Widow was Debbie Moore, the daughter of Roger Moore and in the 1990s Amanda Lamb as played the role.
Existing customers of Clerical Medical will continue to be served by Lloyds Banking Group and will see no change to their policies. However, new customers will now only be able to purchase pension and investment products through Scottish Widows.