The Financial Conduct Authority and the Prudential Regulation Authority have given Phoenix permission to complete its £375 million acquisition of AXA Wealth and its Sun Life protection business.
In an update to the market, closed book pension provider Phoenix said it now expected the deal to be completed on 1 November.
Phoenix announced it would buy the businesses from AXA in May, after the French-based life company set out plans to leave the UK life and savings market.
Since the sale of the business was announced AXA closed its Family Suntrust Sipp, provoking anger from advisers who recommended the wrapper to clients.
Source: City Wire