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Nucleus offers to reveal payments

Mugridge: ‘Cost comparison’
Mugridge: ‘Cost comparison’

Nucleus has committed to allowing Skandia access to its rebate information after initially refusing to disclose the payments it gets from fund firms.

The pledge from chief executive David Ferguson to reveal previously guarded rebate information to Skandia emerged after a comment from Ferguson calling on platforms to practise what they preach and operate transparent business models.

Skandia platform marketing manager Jeremy Mugridge responded by saying: “Why wouldn’t you give us your information for Platformwatch if you are such an advocate for transparency?

“We were the first platform in the market to go out into the market and offer a like-for-like cost comparison. You sent a letter saying your rebate information was confidential and we should not have it and we should not be publishing it. On the one hand you are telling us it is confidential and on the other hand you are telling Skandia that we should disclose it.”

When pressed on whether he would now provide Skandia with rebate information for Platformwatch, Ferguson said: “Absolutely. I have no problem with that at all and I would be even more happy to do so if you would extend the investment availability to include assets you do not offer yourselves.”

Mugridge replied: “If you give us the budget to help us do that we would be more than happy to.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Skandia are playing games to try to cause confusion – Nucleus reveal their discounts to those who need to know, advisers and customers, and it is easy enough for nosy competitors like Skandia to find out as a ‘friendly’ adviser can download the whole set and pass it to anyone – including Skandia, so I am sure they already have the whole list anyway. However, Skandia don’t reveal them to anyone under any circumstances – that is the issue.

  2. Perhaps is Skandia didn’t insist on ridiculously anti-competitive features such as favoured nation clauses they would get better co-operation. If simply to ensure they were still getting the best rebates I for one would go and tell to shove it.

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