As exclusively revealed by Money Marketing, Standard Life and Clerical Medical are also reviewing their stance on stakeholder commission and, along with ScotEq, are expected to announce similar commission cuts in the coming month.
ScotEq group scheme commission will not be affected by the review.
Origen pension specialist Mark Stopard says the move was pretty inevitable, with Norwich Union’s decision effectively creating a domino effect. ScotEq spokeswoman Margaret Robertson says: “We are currently reviewing our commission strategy in light of our business margins and recent market developments.”
Stopard says: “I think it is inevitable but there might be one or two players out there looking at the opportunity to buy a little more market share by holding out for a little
longer before cutting commission.”