Aviva is to launch an execution-only platform in 2015, with the aim of tackling the advice gap created in part by the Retail Distribution Review.
David Barral, chief executive of Aviva, said the firm’s reasons for the new platform was based on growing client demand for a direct online service, the increased number of advised clients who cannot afford advice and the reduction of financial advisers following the RDR.
Mr Barral said the platform would include support and guidance for consumers. It will also be available to IFAs who want to refer their clients to a direct proposition online.
Mr Barral said: “Eighteen months in after RDR - two regulations full stride, the government’s pension agenda and the chancellor’s recent Budget announcement, Solvency II as well as changing customer expectations - these changes in the industry are as radical as I’ve ever experienced.
“We are planning to launch a new direct-to-consumer platform early next year that will provide a simple, engaging digital experience to customers with easy, ready-made solutions or the ability to self-service, depending on their level of confidence.”
Aviva currently has a execution-only annuity and protection service that accounts for 19 per cent of the distribution of those products.
The firm has the third largest back book in the UK by assets under administration and is the second largest firm overall by market share.