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Aviva makes cases for dropping provider responsibility for IFA charges

Aviva is calling for the FSA to drop plans to make providers responsible for monitoring the suitability of individual IFA charges.

It supports the concept of adviser-charging but not the requirement for providers to monitor the level of charges.

Aviva says: “This contradicts the aim of adviser-charging of breaking the relationship between provider and advisers regarding payment.

Providers are not best placed to police this and it instead should be monitored by the FSA.”

The firm is calling to drop the ban on provider factoring for regular-premium products, saying it should be subject to standard discount rates across providers. It supports QCF level four as the minimum qualification for advisers and the 2012 deadline.

Marketing director David Barral says: “Consumer access to financial products and services is the biggest and most pressing issue facing our industry and it is crucial that the FSA delivers on its objective of ensuring that advice is easily accessible.”

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