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Friends Life agrees advice tie-up with Foster Denovo

Friends Life and Foster Denovo have agreed a tie-up which will see customers referred to the advice firm if they request or require advice.

No payments will be made from Friends Life to the advice firm, which will be paid through customer fees.

A Friends Life spokesman says customers with existing advisers on record will be alerted and will only be referred to Foster Denovo if they indicate they no longer have a relationship with the adviser or want to switch.

Foster Denovo could not be reached to confirm whether the firm is obliged to provide advice to all customers referred to it.

However, a spokeswoman says: “Foster Denovo is committed to providing a service to all referred clients that best meets their needs and requirements in the most effective manner.”

Friends Life is due to merge with Aviva in April this year. Following Aviva’s acquisition the referral partnership with Foster Denovo will only apply to former Friends Life customers.

Friends Life UK chief executive Andy Curran says: “Our new referral service with Foster Denovo enables us to offer our customers who do not have an adviser access to robust financial advice to support them with the important decisions they need to make about their retirement income. 

“Many of our customers do not have a relationship with a financial adviser so we want to ensure that they have access to quality professional advice.”

Foster Denovo chief executive Roger Brosch says: “We are delighted to be working with Friends Life. It is clear that both businesses share a passion and commitment to delivering an outstanding client experience.”

Pension providers are required by the FCA to direct consumers to Government-backed guidance service Pension Wise and regulated financial advice. Under new rules providers must also produce tailored risk warnings when a customer attempts to access their pension pot.

Foster Denovo has around 70 advisers and eight offices across the UK.

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