Factoring ban will ruin UK savings - Aviva

Publishing its response today, Aviva has rejected moves to ban provider factoring and introduce a ‘basic advice' stream. It has also challenged FSA proposals to make providers monitor the level of charges set by advisers. Aviva says a ban on factoring for regular premium products will make advice costs disproportionately large for consumers, and will severely damage the UK's savings market. It suggests the FSA should allow factoring, but subject to standard discount rates. It has also rejected proposals to create a new basic advice stream, saying the solution is uneconomical for f...