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Aegon U-turns on removing adviser servicing rights

Aegon has reversed its policy of cancelling trail commission where clients do not respond to letters asking about their ongoing relationship with their adviser. 

Last month, the firm wrote to 11,000 customers asking if they were still receiving advice from their adviser.

The letter said: “Your adviser hasn’t been in touch with us for some time. Unless you tell us otherwise, we’ll remove them as your adviser within the next 28 days and they’ll have no further access to your plan.”

The provider has today confirmed a U-turn which will see it write again to all clients that did not respond to the initial letter. Aegon says it will no longer remove the adviser relationship unless it receives positive affirmation that the adviser is no longer giving advice.

The change of policy means that, where a client does not respond to the provider, the adviser will not lose the client relationship.

Aegon says 15 per cent of customers responded to the original letter.

Aegon managing director of retail Duncan Jarrett says: “We will now not alter out 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 a our records unless they (the client) confirm 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.

“We’ve listened to the adviser concerns to our previous approach and we have altered our path on this.” 

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  1. Very pleasing to see Aegon reversing a daft policy and adopting a common sense approach.

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