Skandia has dropped its price comparison service from its platform due- diligence tool, platformwatch, claiming it is too difficult to access other platforms’ prices.
It set up the comparison service, Pricewatch, in February 2009. It has now been removed and the firm says it has no plans to revive the service.
A note on the platformwatch website says: “Unfortunately, a number of platforms are unwilling to share their pricing information publicly. Therefore, we have had to remove these sections from the tool.”
A Skandia spokesman says: “Despite wrap platforms in particular calling for transparency, it is actually very difficult to get hold of their pricing data. In the past, we have relied on financial advisers to give it to us and that is becoming more onerous.”
Novia chief executive Bill Vasilieff says: “I am very surprised by Skandia’s comments. Novia’s charges and the rebates we receive from fund managers are freely available on the web but I have always found it practically impossible to find out the rebates that Skandia receives.”
Capita Financial Software product director William Watling says: “With Skandia relying on advisers to give them data about pricing, it is obviously going to be difficult to keep up with a market that is changing so often. Advisers have enough to deal with without having to provide companies with this kind of information.”