Skandia cuts 'will not affect adviser service'

The job losses are part of a transition plan designed to reduce operating costs 20% by year-end in order for the platform to remain profitable in a lower-margin environment. The platform has drawn up a "50 basis point" business plan in which costs will be contained and profits made within 50bps of funds under management. Skandia spokesman Charlie Musson says there is no definite time-line for the redundancies but the majority will take place over the next 10 months. He stressed the move is wholly unrelated to the redundanices announced last year in its sales team which impacted 100...