HHG has finally gained agreement in principle from the City?s financial watchdog for the ?1.07bn ($2bn) deal that will see Hugh Osmond, the pizza-to-pubs entrepreneur, take control of the fund management group?s closed life insurance businesses.

Approval from the Financial Services Authority, which remains subject to various conditions and a formal decision process, comes about a month later than expected, but appears to close the door firmly on any chance that a rival bidder could yet snatch the assets.