Steve Webb's move to ban commission and active member discounts is a ‘seismic' shift for providers and will drive a completely new business model for advisers, Aviva has said.
The provider said the legacy audit of schemes, recommended in the Office of Fair Trading (OFT) report into defined contribution pensions, would identify hundreds of Aviva schemes with active member discounts and thousands operating on a commission basis. Head of pension policy John Lawson said: "We have got hundreds of schemes on an active member discount basis, and thousands of schemes on a commission basis. That is a huge amount of work to remove these elements. That is a big challenge for us as a provider. "It is a massive change in the industry, it will drive completely new busine...
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