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Skandia leads defence of performance

Skandia plans to lead a coun-ter-attack on the FSA&#39s position that past performance is no guide to the future after a sca-thing attack on the regulator.

Speaking at the Skandia Pathfinder conference, director of investments Jim Roberts said the life office would be writing to the FSA with evidence to prove past performance is a guide.

He attacked the FSA for changing its position on past performance last summer, accusing it of misinterpreting its own research.

In an August press release, the FSA cited an occasional paper by Mark Rhodes as the basis of its argument. The paper&#39s conclusion read: “The evidence is that repeat performance, where there is any, is small and short-lived and is most likely to occur in smaller, poorly performing funds.”

Roberts said this did not dismiss past performance as being no guide and, if anything, supported the FSA&#39s previous line that past performance is not necessarily a guide.

He said: “Past performance is historical fact which the FSA must not be allowed to suppress.We at Skandia are fighting against this Government&#39s one-size-fits-all mentality.”

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