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Aegon holds back £90k on PosSol academy deal

Aegon is withholding £90,000 in payment from Positive Solutions, claiming the network failed to deliver on a package of adviser initiatives agreed for 2008.

In a document, seen by Money Marketing, Aegon criticises Positive Solutions, which it bought in 2005, for failing to deliver the PS Learning Academy as promised and claims that pay- ing the £90,000 owed for the facility would “constitute a compliance breach” as it had clearly not been delivered.

Aegon criticises the network for failing to launch the Learning Academy, which it touted as a “unique facility” to “build industry-leading support”, until July 2008, meaning that nothing could be delivered in the first six months of the year.

It also says that five with-profits workshops scheduled for September were cancelled due to low adviser take-up. Inheritance tax workshops, scheduled to coincide with the launch of an IHT pack to help advisers with their October exams, were cancelled because the pack was not available in time.

Aegon claims it was forced to organise workshops with Positive Solutions’ advisers in Manchester, Leeds and Southampton as a result.

An Aegon spokeswoman says: “Aegon has a commercial relationship with Positive Solutions defined within a contract. The terms of our contract in 2008 included the PS Learning Acad- emy. Discussions concerning the delivery of services within this part of the contract are ongoing. We expect this matter will be resolved shortly.”

Positive Solutions chief executive Jim Reeve says: “We always seek to deliver on our promises and believe we honoured all of them in 2008. We are confident we will continue to work with Aegon and others in the months ahead. The Learning Academy remains best of breed.”

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