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IFA anger as Skandia rejects Fof link to its offshore bond

Skandia has been accused of protectionism after refusing to set up links between an IFA firm’s in-house fund of fund range and its own onshore bond.

Welsh national IFA Buckles has not been allowed to link its three fund of funds, branded Snow-donia, into the Skandia onshore bond and Buckles believes this is because Skandia is trying to shoehorn advisers into its Skandia Investment Management multi-manager suite.

Buckles chief executive Nigel Speirs says if this becomes standard practice among life offices, bigger IFA firms will increasingly shun their products and go it alone with their own ranges.

The Snowdonia range has been accepted on to the Royal Skandia platform.

Skandia investment marketing manager Ian Thomas says it is happy to link to other group’s funds of funds as long as there is sufficient demand to meet its admin costs.

Speirs says: “Skandia will not list the product on its panel and seems to see the whole thing as a threat. It is a problem and the top 150 IFAs will end up doing their own thing.”

Thomas says: “We are not putting up the shutters and saying that we do not want other multi-managers in there. We are always open to adding funds that are in demand and we have an increasing number of multi-manager propositions. It is highly likely that we will be adding more in due course.”

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