View more on these topics

Positive Solutions shelves flotation

Positive Solutions has abandoned plans to float on the stockmarket but is setting up a technology and admin company called Platform in April.

Financing plans have not been finalised but Aegon is expected to take a stake in the business. No other product providers will be invited to invest.

Platform was revealed last week at the national IFA’s partner forum at London’s Grosvenor House Hotel before many of its 1,554 advisers.

Flotation was expected to take place in 2010 and would have seen Positive Solutions’ partners share in an Aegon-funded £80m cash pot, subject to hitting targets under PosSol’s Partnership scheme . This was launched last October but has been axed and points accrued will transfer into share options in the new company.

Chief executive Neil Johnson says Platform will be positioned as a separate entity, aware of possible reluctance from advisers if it launched under a Positive Solutions or Aegon banner.

Johnson says: “We are confident that Platform will be self-financing eventually. It will certainly break even and will likely offer a more profitable option for IFAs because this is based on transactions made rather than assets held.”

Executive chairman David Harrison will be performing two roles in the interim, retaining his Positive Solutions duties while leading Platform.

Harrison says the market is becoming more fragmented, with consolidation failing because of the lack of a common distributor platform.

1st executive chairman Rory Curran says: “David is talented and has done well but making the announcement is one thing and it is far more difficult to set these things up in reality. I do not think he will be able to mandate the technology in the same way to the wider market.”


Use it or lose it

SPECIAL REPORT: PENSIONS. Winterthur Life strategy manager Mike Morrison looks at life after carryback and carryforward.

ABI offers guide to capital assessment

The ABI has published a guide to the individual capital assessment regime for insurers which aims to give advice and examples of good practice to help firms prepare their ICA.

Survey says secrecy surrounds life cover questions

Insurers are in danger of declining too many non-standard applications and taking a covert preferred-life route according to CWC Research senior partner Clive Waller.He says insurers are becoming increasingly fussy about who they accept on their books in a bid to keep rates low and this is not acceptable if it is not done in […]

Distribution Technology sets up IFA test ‘Lab’

Distribution Technology is moving to a new HQ at Sovereign House in mid February.DT has introduced a ‘planning and sales lab’ which will allow advisers to test software during its development and explore new distribution concepts, such as how multi-channel advised sales can work. It will allow its customers to visit and experience DT’s new […]

When will US rates rise?

By Felix Wintle, Investment Director & Head of US Equities The most recent communication from Federal Reserve chair Janet Yellen has put the market’s sights on September as the most likely month for the first rate rise. This is due to the stronger than expected economic data of late, particularly in employment and housing, which […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm