6th September 2011

Aegon: Don't put off what you can do today

I’ll get straight to the point; we now have only 15 months left until the implementation of RDR, so how far along the transformation route are you?

Have you developed your client proposition and are you clear about how you will be rewarded for this going forward? Or, have you taken time to reflect on the recent announcements from the Treasury Select Committee and the FSA. Has your RDR work stalled?

Putting things off is part of human nature; this becomes even more attractive when we can point to a reason why we should put off important actions. Outside events which we can't control can easily derail our plans if we let them. Yes we still seek clarity over legacy commission and some issues remain unclear following the publication of the FSA Platforms Policy statement. Have you used this uncertainty as an excuse to stall your RDR transition work?

I would like to ask you all to ensure that this uncertainty does not stop you from having a robust RDR action plan. This plan can only mean a more profitable business for you in the future.

Change can be profitable

AEGON believes the FSA should continue to push ahead with the changes at least for package product new business from the end of 2012. Many of you are well advanced in your RDR preparations and this will bring benefits to consumers through greater clarity and enhanced professionalism. However, a robust RDR transition program will also deliver other valuable benefits to every business through:

• A segmentation model that identifies the profit potential in your business
• A clear client proposition that delivers excellent ongoing service for your clients
• Robust processes that deliver this service in a profitable manner
• Clear understanding of the most appropriate remuneration options for the client and your business
• A simple, clear, concise and transparent RDR action plan.

With just 15 months to go don’t delay and don’t stop your RDR journey, if you want to ensure you will be ready for RDR visit our RDR proposition zone www.aegonse.co.uk/businessbrain

FSA/FCA, RDR