Aviva launches D2C platform

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Aviva has launched a direct-to-consumer platform including an Isa, Sipp and general investment account.

Customers will be able to manage their savings, investments and pensions in one place, including buying, selling and switching investments. Annuities can be bought direct but not through the new platform.

An Aviva spokeswoman says: “Aviva’s consumer platform is now open to customers with a range of savings and investment options for customers who wish to manage their finances themselves.

“The platform will be further developed over time and complements Aviva’s adviser platform as well as the corporate platform.”

Aviva says while the new platform is specifically for self-directed customers, advisers are able to charge customers a fee and point them to the direct platform in cases where they think it is more appropriate.

On top of fund management charges, direct customers are charged 0.40 per cent for the first £50,000 of assets, 0.35 per cent of assets for the next £200,000 of assets, 0.25 per cent for the next £250,000 of assets, with no charge on assets over £500,000.

There are no set-up charges for the platform, which is powered by technology firm FNZ.

In July 2014, the insurer confirmed its intention to enter the consumer platform market and compete with Hargreaves Lansdown.

Then Aviva UK life chief executive David Barral said: “Why would consumers choose us? Because it is the most simple, most engaging online experience and with a brand like ours if we can give them that guidance we know they will bite our hands off for us to help them.”