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Aviva Adviser Charge Agreement Pension

An IFA lost more than $200,000 after a high court ruled that it could not recover Aviva`s unpaid expenses after one of its clients transferred its employees to a new retirement platform, effectively terminating its services. The court dismissed the consultant`s complaint against the supplier Aviva and the company he had advised and said that he could not find a breach of the contract and that Aviva was therefore right to recover 204,392 $US in commission, the FTAdviser said. When CBRE made the decision to transfer its employees to a new retirement platform, the company terminated its services after the introduction of automatic registration. Justice Halliwell said: “Until 2011, Wales was aware and understood that much of the planned change in the law would likely mean the end of the old Commission-based systems and that it would be necessary for independent financial advisors to move to royalty-based compensation models or systems. , based on a percentage of the funds under their administration. Richard Wales, an independent financial advisor, attempted to recoup $204,392 in commissions for his services when he advised real estate management firm CBRE on occupational retirement. Wales earned commissions on bonuses paid by the property management company in Aviva. However, the commission was not paid directly to Wales, which was a designated representative of DBS Financial Management, which was later purchased by Sesame. Aviva paid the commission directly to these companies, who then donated part of the money collected in Wales. He concluded that the appeals against Aviva and CBRE should be dismissed.

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