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Aegon earnings boosted by positive markets

Aegon UK saw a 15 per cent increase in underlying earnings before tax for the third quarter, from £20m to £23m, as the firm was boosted by positive equity markets. 

Aegon’s life business declined 11 per cent, from £19m in Q3 2012 to £17m for the same period this year, while pensions earnings grew three-fold from £2m to £6m. The results for distribution arm Origen are now included as part of the insurer’s pensions figures. 

Earnings were hit by the costs of its new non-advised platform functionality for advisers as well as £4m of costs attributed to poor persistency levels.

The firm recorded a one-off £79m boost to net income due to a corporate tax rate reduction. Overall net income was £88m, compared to £30m for the same period in 2012, which includes £8m of restructuring costs. 

Aegon UK chief executive Adrian Grace says: “We are now seeing the strategy we have put in place beginning to pay off and we still have a lot more of our proposition to roll out early next year. We look forward to working with advisers to help them service all of their clients in a post RDR world.”



FCA launches thematic review into dealing commission

The FCA has launched a thematic review to look at dealing commission and bundled charging in the fund management industry. Speaking at the FCA annual asset management conference in London last week, FCA chief executive Martin Wheatley said the regulator had found poor practice in areas such as third-party research and dealing commission. He argued […]

Tony Wickenden: Make sure you follow the right will procedures

As I have mentioned in past articles, to ensure the validity of a will it is absolutely essential to follow the correct procedures. Incorrect or doubtful execution of a will has led to numerous court cases at, usually, great cost to all concerned. There is also a rule that anyone seeking to rely on a will […]

Financial services regulation and ethics

FCA reviews inducements and conflicts of interest Charlotte Mannouris The changes that were made at the beginning of 2013 were intended to mark the dawn of a new era − one of trust and transparency between advisers and their clients. However, of the 26 life assurers and advisory firms who were asked by the FCA […]


Tisa warns bulk conversions may not have complied with FCA guidance

Platforms that have already carried out conversions to clean share classes may not have been fully compliant with the FCA’s recent guidance, according to the Tax Incentivised Savings Association. The FCA published guidance last month which set out its position on bulk transfers to clean share classes. It stated that “if a client is in […]

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Guide: Johnson Fleming produces auto-enrolment checklist

For a job as big as managing the auto-enrolment changes, it’s important to know what has been completed and what still lies in front of you to give you the reassurance that everything is in hand. Getting the planning and project management right at the outset can help you see the path ahead and ensure everyone knows their roles and responsibilities. To help with this, Johnson Fleming has produced a checklist outlining every step that needs to be taken when preparing for auto-enrolment.


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