It now seems that they want to unilaterally change long-standing agreements with financial advisers.
Initially, they gave the impression that they would retain the commission saved, although they have now backtracked on this and say it will be invested in the client’s plan. And, as the article in FA reports, not so long ago they said they would not take this course of action at all. Again, they have backtracked. I suspect it will not be too long before they introduce a direct sales force to service the clients they have orphaned.
God help those clients, since they will not have the benefit of an independent intermediary acting as an unpaid quality controller for Aegon to make the company do its job properly.
Aegon UK’s admin has been truly shocking for many years, to the extent that I have not put any new business with them for a long time; indeed, I have been actively transferring clients away from Aegon.
If all advisers did this, Aegon UK would soon change its mind about this course of action. However, it will be too late for the company if all advisers follow the same course of action that I am pursuing.
Alan Kendrick
Consultant
Oakwood Financial Services
Peterborough
