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Aegon issues statement backing PosSol

Aegon hq 480

Aegon has issued a media statement reaffirming its support for adviser network Positive Solutions.

PosSol has come under fire from advisers in recent weeks after chief executive Peter Coleman toughened the firm’s stance on exit fees.

Coleman says the charges need to be levied in order to protect existing partners. He says PosSol has lost £2m in the last five years as a result of advisers quitting the firm with liabilities that had to be written off.

Aegon UK chief executive Adrian Grace says: “Positive Solutions continues to receive the full support of Aegon. In the difficult times that the industry is experiencing it’s good to know there is significant financial strength in place to support the ongoing changes required.

“We fully support the Positive Solutions business and the changes that are being put in place for the long term good. We know that there will be a flight to quality and Positive Solutions is that quality organisation.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. “The Minister has the Prime Ministers full support “.

    Another bad sign for PoS.

  2. When a parent company feels it has to issue a statement like this then its concerning. Especially in the light of a rush of recent departures and a heavily loaded partnership questionaire last week asking if partners were happy with the services they receive.

    Posters last week were insisting there was no mileage in recent reports about PS. However, it looks as if the contrary is true and there is more to come.

  3. I don’t think there will be any significant news on PS for a while, other than an expected restructure which is imminent.

    I understand some new appointments will be announced, inc Compliance Director to replace James McCourt , and a “reshuffle” of some senior staff and maybe the odd leaver.

    Hearing IFA resignation rates are down from their peak over the summer but still net losing IFAs and not replacing

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