Skandia says its purchase of an 86 per cent stake in Bankhall will not hit its business with Bankhall members.
It says the FSA has confirmed Bankhall member distributing Skandia products will not be hit by the “better than best” rule after the deal.
Skandia business put through Bankhall's ISL network will be hit by the rule, but that makes up only 15 per cent of Bankhall's business. Skandia says only 1 per cent of ISL's business is with Skandia.
Skandia group commercial director Bill West says: “We have had a number of discussions with the FSA. They welcome and support the deal.”