Skandia ABI exit branded 'cynical ploy'

Ferguson says the move, announced yesterday, is an attempt to “emotionally” align the company with the IFA sector, adding Skandia’s loyalty will remain with its insurance sector-based shareholders. However, other life companies may follow Skandia’s lead which could, according to Ferguson, leave some providers isolated in the life space. He argues a similar fate has befallen Standard Life’s position in the UK Platform Group. Skandia says its decision to leave the ABI for the Association of IFAs (AIFA) was a “genuine” business choice sparked by disenchantment with the association’s stance...