Skandia

Skandia will not pay initial charges to fund managers on its Selestia platform from 1 January.

Skandia will close its MultiFUNDs platform to new business at the end of the year as the company shifts emphasis to its Selestia Investment Solutions proposition.

Skandia will outlaw paper applications for most transactions on its Selestia Investment Solutions platform from January 2009.

Skandia is replacing several managers on its Global and UK Best Ideas funds who have failed to live up to its performance requirements.

New AXA Elevate wrap chief Paul McMahon has hit out at the recent public feuding between platform providers, saying the 'tit for tat' bickering is damaging the industry.

Skandia UK suffered an 18% drop in life sales during the first nine months of the year, as nervous investors shied away from single pensions and bonds.

Skandia's decision to quit the ABI has been dubbed a "cynical marketing ploy" by Nucleus chief executive David Ferguson.

Skandia will launch two new technology and healthcare funds to the UK market on Wednesday.

FundsNetwork and Cofunds have hit out at Skandia after it suggested three platforms are collecting up to £13m a year in potentially hidden switching charges.

A ‘blanket rule change' of the age limit for annuities will not help solve the real issues affecting UK pensioners, according to MGM Advantage.