Of the 95 regional job losses, Standard Life's Bristol and Birmingham offices will be the hardest hit, with 25 and 15 job cuts respectively.

Around 10 or fewer roles are being cut across sites in London, Watford, Epsom, Glasgow, Manchester, Leeds and Cambridge.

The insurer said around 480 jobs will go in Edinburgh and about 95 across its regional offices across the UK, with another 25 axed across its overseas operations.

The jobs will be cut over the next 15 months, but Standard Life said it was also creating 100 jobs elsewhere in the business.

Scottish Secretary Michael Moore said: "The news of jobs losses at Standard Life is a real cause for concern."

He urged the firm to "do all it can to minimise the numbers of staff affected".

The shake-up is part of an overhaul being led by chief executive David Nish, who was promoted in January from finance director to chief executive, replacing Sir Sandy Crombie in the top job.

Mr Nish said: "As we transform Standard Life to deliver its growth ambitions, there is a need to both invest for future growth and manage our costs to be competitive.

"The decision is part of the journey towards being a more adaptable and flexible organisation.

"Our people will be provided with the support they need while the group goes through this necessary change."