Financial Conduct Authority and the Prudential Regulation Authority today gave the deal the green light.
The announcement clears a large regulatory hurdle standing in the way of the deal after competition authorities gave the merger the thumbs up in June. Further regulatory approvals in other jurisdictions are yet to be given.
A court hearing has been scheduled for 11 August to grant final approval, with the merger expected to complete on 14 August.
The new firm will boast around £670bn of assets under management and be called Aberdeen Standard Life Investments. It will be jointly headed by the two chief executives of the two firms: Martin Gilbert and Keith Skeoch and headquartered in Scotland.
It is hoped the tie-up will result in around £200m of annual cost savings. Some 800 jobs are expected to be cut over a three-year period.