THE head of the loss-making financial advice business at Aegon has left the life and pensions company.
Patrick Gale, executive chairman of distribution, stepped down “to pursue other interests” and will be replaced by strategy director Rob Waller.
Gale, who was hired in June 2011, was responsible for the independent financial advice (IFA) operations Positive Solutions and Origen, which have been running a combined loss for the past four years.
He joined Aegon in March 2010 as non-executive chairman of the distribution board.
In his latest position he took charge of preparing the two Aegon IFAs for the new fees-based era that was ushered in at the turn of this year under the retail distribution review (RDR).
It swept aside the system whereby IFAs sold products for manufacturers on payment of a commission.
It is understood that preparation for the RDR contributed to the losses at the IFA businesses, but Aegon insisted it was “optimistic for the future”.
Waller’s appointment is awaiting the approval of the industry regulator the Financial Services Authority.
Adrian Grace, Aegon UK chief executive, said: “Over the past three years, Patrick has led the successful transformation of Origen and Positive Solutions and I’d like to thank him for leading both businesses in the run up to RDR and wish him well for the future.”