Similar to the trends seen with private client advice firms following the Retail Distribution Review, this deal signals yet more consolidation in benefits consultants (EBCs) following the various legislation changes including the abolition of pension commission, the demise of the sunset clause and the charge cap on pension funds.

Benefits providers used to taking some of their fees from product providers must now negotiate directly with their employer clients for those fees. Whilst there is much good value for money out there, companies who weren't used to paying such fees in the past are now having to look for this from a central kitty that is also now paying for auto-enrolment costs and a rise in the minimum wage to name but a few.

Just how far this market consolidation will go is speculation, but it is inevitable that as time goes on we will see a movement to fewer smaller EBCs and a smaller group of larger ones.