Lloyds to pay £140m to settle with Standard Life Aberdeen

Lloyds Bank is to pay Standard Life Aberdeen (SLA) around £140m in a settlement intended to end their long-running dispute over an asset management contract.

The two firms have been in contention over the future of a £100bn asset management mandate that SLA looked after for Lloyds for the past 18 months, after Lloyds terminated the contract.

However, a tribunal held in March ruled that Lloyds was not within its entitlement to end the contract.

As part of the agreement, SLA would retain control of £30bn of assets for three years and a receive a cash payment of £140m – less than originally anticipated – Sky News Reported.

Despite the news, insiders have cautioned that an agreement had yet to be formally reached, adding that it remained subject to change.

A further review of the stewardship of the funds will take place in 2022.

    Share Story:

Recent Stories

Will open banking revolutionise the lending industry
Adam Cadle speaks to Jack Tenwick, Head of UK Sales, Yolt Technology Services, about how to get the most out of your lending business and the role of open banking

Mortgage Insider Series 2 Episode 5: Outlook for the UK economy
Listen to our latest episode where we discuss the outlook for the UK economy. We hear from William Hobbs, Chief Investment Officer at Barclays Investment Solutions, who gives his view on what lies ahead for the UK after an unprecedented year of lockdowns, economic turbulence and business uncertainty.


Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.