Skandia

GOING IT ALONE

OFFSHORE

FUNDS

The new drawdown rules will undoubtedly bring much needed relief to many pensioners. Now that the detail has emerged regarding how these changes are to be implemented, advisers can start planning what action is needed says Adrian Walker.

Skandia has criticised rivals for failing to offer an adequate re-registration process, forcing the platform to allow cash transfers into ISAs as an alternative.

Fidelity FundsNetwork and Skandia have completed the first electronic in-specie transfer of assets between two rival platforms - a key requirement of Retail Distribution Review (RDR).

Discretionary fund managers (DFMs) have expressed scepticism at Skandia's claim its fund panel will be able to compete with them on price.

CLEAN

Platform giant Skandia has reversed its post-RDR stance requiring advisers who take a percentage fee to get a new client agreement every time a top-up into an investment is made.

Paul Feeney has told Investment Week the terms negotiated on Skandia's soon-to-be-launched Select fund range will enable the group to offer the "best model portfolio service" to UK advisers and help them take power back from other distributors.