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Aegon bids to expand in UK with bank tie-ups

Aegon is looking to tie with high-street banks as part of plans to expand its UK business outside its core Scottish Equitable IFA operations.

The move would make Aegon the latest provider to link up with banks for distribution following moves by firms such as Legal & General, which sells its products through Barclays, Alliance & Leicester and Northern Rock.

Aegon will be competing with Axa for possible tie-ups as it has also expressed the intention of finding opportunities with banks and supermarkets.

Aegon says it is not holding specific talks with anyone at the moment but affinity arrangements are on the agenda. Any tie-ups are likely to be Aegon-focused to keep the ScotEq business as a separate operation for the IFA channel.

The plans are being masterminded by corporate development director Gavin Stewart, who joined Aegon from Scottish Amicable to expand the Aegon business outside its IFA channels.

Aegon is due to launch a new company next year which will sell investment products such as Isas and unit trusts direct to consumers not wanting advice.

Stewart says: “Nothing is concrete at the moment but we do see that the model for bancassurance is changing. It already accounts for a sizeable chunk of distribution which we would like to tap into. The Barclays L&G tie-up shows there are new ways of doing things with bancassurance.”


Govett dissident fund manager resigns after appeal fails

Govett Investments fund manager Rupert Walker has resigned after not being returned to his old job after appealing his dismissal. Walker was sacked for gross misconduct following his public criticisms of split capital investment trusts and the level of cross holdings between themIn an internal appeal of the dismissal, Govett upheld the decision but accepted […]

AA unveils telephone advice plans

The AA’s has unveiled details of its plans to offer telephone-based independent financial advice.The AA will offer a retirement planning service which aims to incorporate a detailed evaluation to gauge each customer’s income and tax planning requirements.Business Development Manager for the AA’s IFA Julie Richards says: “We have noticed an increased demand for this type […]

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Gaskin leaves Exchange after takeover

Exchange managing director Jim Gaskin is leaving the firm following its takeover by Marlborough Stirling and just a year after joining from Misys IFA Services.The departure of the former Misys IFA Services chairman follows Marlborough Stirling&#39s £87m takeover of the portal which was rubber-stamped by shareholders on Friday.Gaskin, will remain in the post until the […]


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