Axa Financial to close to new business in Ireland

[LDFerguson]

This is a shame as Axa were promoting intelligent financial advice, very transparent products and a wide choice of funds from some of the world's best fund managers.

Got an e-mail yesterday..."to advise that AXA Financial (Ireland) is no longer open to new business. Unfortunately, the projections for the operating environment for the AXA Financial business are very challenging and, for this reason, AXA Financial (Ireland) has concluded that it is in its best interests to commence an orderly withdrawal from the investment funds market.
Please note the following important points:

• AXA Financial (Ireland) is closing to new business with immediate effect.
• AXA Financial (Ireland) will continue to provide its investment research service until July 31st, 2012.
• Your usual contacts within AXA Financial (Ireland) will remain available at the usual contact numbers to address any queries.
• AXA Life Europe will continue to provide policy administration services in the usual manner.
• With immediate effect, all surrender penalties are abolished on all products.
• The investment planning tool will remain active and accessible until July 31st, 2012."

 

[Monksfield]

AXA news

Absolutely agree Liam.

Apart from operating in a difficult market my understanding is that they did not offer 'over-ride' commission top brokers.

Shame.

 

[FINPLAN]

The consumer is the biggest loser in this closure as Axa offered an excellent platform of funds in one tax wrapper.

Axa did not pay over ride commission and it is probably the reason they are now closing and a shame because a lot of advisers did not consider Axa because of this. It is unfortunate and raises the issue are consumers being sold investments that are in their best interest or the advisers interest?

I hope another investment platform will enter the market here soon, but it is probably unlikely.