The Retail Distribution Review (RDR).


RDR will mean fundamental changes in the provision of financial advice for savings and investment products. It will reward firms with attractive, good value product propositions, fee-based structures, diversified routes to market and cost-efficient operations.

The strength of our diversified distribution, including our continuing partnerships with Nationwide Building Society and Yorkshire Building Society, further enhances our position.

Platforms will benefit from the changes RDR will bring. We’re investing in the development of our platform model to reflect substantial changes to distribution processes and product fee and remuneration structures.

We aim to make sure that post-RDR we have an efficient end-to-end business model. Our own platform, IPS (Investor Portfolio Service), has grown in terms of both mutual and insured assets and customers, which increased in 2011 to 420,000 (2010: 152,000) and included a migration of 215,000 customers from legacy portfolios onto IPS.

Our products are also offered on the Cofunds platform which has nearly £36bn of assets under administration and in which we have a 25% shareholding, together with other platforms that target our preferred market sectors.

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