The UK’s Competition and Markets Authority (CMA) said it has started its routine inquiry into the proposed merger of Standard Life and Aberdeen Asset Management.

A Standard Life spokesman said: “Standard Life today filed an application with the CMA in respect of the proposed merger with Aberdeen Asset Management.

“This has triggered the CMA’s standard phase 1 review of this application.

“This is one of a number of regulatory approvals being sought as part of the merger process.”

The CMA said: “The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.”