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Aviva UK declares itself RDR ready


Aviva has declared itself Retail Distribution Review (RDR) ready for new business to assist advisers as they embrace the forthcoming changes.

Aviva is offering advisers a range of charging options, including consultancy charging, which means advisers can choose a remuneration model based on their business or client needs.

Processes for adviser charging on new business are now up and running. The processes, such as “quote and apply” and “new business tracking”, show each charging option so advisers can choose the option which best suits theirs, and their customer’s requirements.

Aviva has launched a new bond, Select Investment, which offers a range of ready made fund solutions in a simple, easy to understand product wrapper. With a minimum investment amount of GBP10,000, the bond is designed for growth potential and offers access to tax efficient withdrawals, inheritance tax planning and easy switching.

Select Investment will run in tandem with the current Portfolio bond until 31 December 2012, at which time Portfolio will close to new business in the UK.

Consultancy charging has been available on group personal pensions since July 2012. Advisers also now have the ability to add adviser charging onto individual contracts for new business so they can service employers and employee schemes whilst also facilitating charging for individuals within the scheme when required.

Aviva’s flagship Personal Pension product has been updated to facilitate adviser charging on new business. Aviva is also streamlining the range to avoid product duplication and will be closing a few products which are not RDR compatible to new business.

Aviva’s At Retirement products are also RDR-ready. However, with the majority of advisers conducting at retirement research on portals, the launch date for At Retirement products will be aligned to accommodate their timescales.

Andy Beswick, intermediary director at Aviva, says: “We know advisers are concerned about adviser charging and are at varying stages of readiness. Launching products which will facilitate charging ahead of the implementation deadline will instil confidence in advisers when they do business with us. As soon as advisers are ready, we’re ready to facilitate charging for them.

“Aviva remains committed to the intermediary channel and providing high quality support to ensure advisory firms are ready for RDR. Our Financial Adviser Academy has already helped over 19,000 members work towards their qualifications and we have a team of business transition experts available to offer further practical support.

“The RDR deadline is just day one. Aviva will continue to offer support and guidance as the industry evolves in a new era for financial advice.”

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