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Advisers remain critical of Aegon despite trail commission U-turn

Advisers remain critical of Aegon despite the provider having backtracked on its policy of removing adviser trail.

In June, the firm wrote to 11,000 customers asking if they were still receiving advice from their adviser. Where no response was received, Aegon said the advised relationship would be turned off. 

However, last week, Aegon announced it had reversed the policy following criticism from advisers.

Aegon managing director of retail Duncan Jarrett says: “We will now not alter our customer records unless the customer positively tells us to. 

“We have listened to feedback we’ve had from the market and we are now going to leave the adviser on our records unless [the client] confirms that anything has changed.

“This mailing has given us a good snapshot of the data that we’ve got and we are going to continue in a positive way to ensure we’ve got the correct adviser details on our records.”

Plan Money director Peter Chadborn says: “Aegon has said it is listening to advisers but why not consult with them before carrying out this exercise? It will now need to practise what it preaches to restore confidence that it is committed to the adviser channel.”

Invest Southwest director Dave Penny says: “There is some logic in what Aegon has done because there is no reason why anyone should pay where they are not getting service. However, the way it was conducted initially indicates this is not a provider advisers should trust.

“It should be congratulated for listening to adviser feedback but this only goes a small way to repairing the trust that should be there.”

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