Aviva Singapore to set up new financial advisory firm

Singapore

BRITISH insurer Aviva Singapore is in the midst of setting up a financial advisory (FA) firm in a move to strengthen its key distribution channel in a highly-competitive industry.

While market sources told The Business Times that details are unavailable, they said Aviva has applied to the regulator for a licence to set up a wholly-owned FA firm. BT understands that the insurer has received in-principle approval.

As Aviva currently relies largely on independent financial advisers and partly on a small team of relationship consultants to sell its products, industry sources also said Aviva is on a hiring spree for agents, adding that British insurer Prudentia…