The FCA has approved Broadstone's acquisition of the Blythwood Group.
The regulator has rubber stamped the deal which had already been announced by the firms.
The new business will be known as Broadstone Risk and Healthcare Ltd and will continue to operate from its offices in Falkirk.
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Mark Howlett, chief executive of Broadstone, said: "The FCA's approval for this acquisition is a significant step in the continued expansion of Broadstone.
"Blythwood's proven expertise and specialist skills in the risk and healthcare market will be a valuable and tangible asset to the group and will enable us to broaden our offering to existing and prospective clients.
"It is an exciting development in Broadstone's long term strategy to provide clients with a comprehensive services and I look forward to both welcoming our new colleagues from Blythwood on board as well as working with them to ensure our corporate benefits offering develops into the best service in the market."
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Derek Gray, managing director of the Blythwood Group, said: "On behalf of everyone at Blythwood, I would like to say how pleased we are that we now have FCA approval.
"As I said last year, it represents a close alignment of business cultures and values and will be beneficial for both clients and staff."
Broadstone Group employs 220 people across eight UK locations.