AXA mystery letter?

IFAMAN

I got a letter the other day from AXA asking if I wanted to remove my former IFA [ recorded against my policy] Towry Limited---- which I had "inherited" from my original IFA a couple of "company takeovers" back! I take it this means some part of AXA would then become my IFA ??? I have 2 questions :- Would this be a sound move and make life simpler [ I have heard some negative publicity on Towry Law but I have had no dealings with them for several years] Will this end up costing me money and new aggravation after all this time?
thanks
G

kingstreet

I guess Axa is trying to stop renewal commission payments to whoever sold you the policy?

If there's no broker involved in servicing your policy, Axa won't want to pay someone for doing nothing.

If you have a new broker, you could always ask Axa to give the servicing rights and renewal commission to the new one.

dunstonh

I take it this means some part of AXA would then become my IFA ???

AXA cant become an IFA. Indeed, AXA don't really exist any more as they are about to be merged into the Phoenix/Friends Provident book.

I suspect they are trying to reduce their outgoings and increase their income. Whilst it will stop Towry being paid, it will redirect the money to themselves (rather than to you). Although these plans are usually pence rather than pounds.