Pricing caps on assets under management in the advised platform market will be industry standard within the next ten years, according to Aegon investment director Nick Dixon.
Aegon today unveiled plans to effectively cap the annual charges on both the One Retirement self-invested personal pension and the Aegon Retirement Choices (ARC) wrap at £750 and £1,215 respectively. Dixon said a combination of market pressure and economics of scale will draw the majority of the industry into this structure, potentially as soon as 2019. He said: "What we are announcing today with a maximum fee, will be industry standard in five to ten years time. The bulk of the industry will have a maximum structurally similar to Aegon in ten years. "This is a trend that will emer...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
