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Skandia parent: We won’t favour restricted models over independent

Paul Feeney 480

Skandia parent company Old Mutual Wealth has pledged to support both independent and restricted advisers post-RDR.

In the provider’s interim results, published last week, Old Mutual Wealth chief executive Paul Feeney (pictured) says Skandia’s immediate focus is on helping advisers through the RDR.

He says: “There have been some confusing reports recently about what the merger of the Skandia businesses into Old Mutual Wealth means, so let me be clear. Our aim is to be a provider of wealth management solutions to financial advisers and their customers. Their needs remain at the core of our business and we will support them whether they choose to offer whole of market or restricted market propositions, or both.

“We have continued to grow the business during a tough quarter for retail fund sales and the immediate focus is now on helping advisers through the RDR transition phase.”

Last month, Money Marketing revealed Skandia is in talks to take a stake in Keith Carby’s venture Caerus Capital Group.

In its half-yearly results, published in August, Old Mutual Wealth announced it is developing a low cost fund range targeted at restricted advisers. Old Mutual said it is in discussions with a number of “high quality asset managers” to develop a new fund range for the post-RDR market.

Philip J Milton & Company managing director Philip Milton says: “Skandia says it is keeping its foot in both camps, but I would prefer it to make a committment to either independent or restricted. We could be on a slippery slope where Skandia says it supports both models but where restricted advisers get cheaper terms than IFAs.”

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