Insurer chief exec Nigel Wilson will also step down from the trade association’s board

Legal & General (L&G) is set to terminate its membership with the ABI, Sky News reports.

The shock move will also see L&G chief executive Nigel Wilson step down from his position on the ABI board.

No specific reason has been given for the insurer’s departure from the ABI, although Sky News sources speculated that the merger of the ABI’s Investment Affairs division with the Investment Management Association could be a contributing factor.

The insurer is also said to believe it will be able to lobby more successfully on its own.

The ABI has said that it will release a statement later today.