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Skandia loses chief finance officer and chief operating officer

Skandia UK’s chief operating officer John Tomlins, finance director Simon Lloyd and platforms delivery director Tim Mann are all being made redundant from the company, while there are also departures from Skandia Investment Group.

SIG head of open architecture Steve Kowal and head of investment research Tom Berger are also leaving the company.

The departures are understood to be part of a round of cost cutting measures at the business.

Tomlins (pictured) will remain at the firm until around June, working on the integration of shared services such as IT, finance, customer services and investment administration into the UK business.

Once this completes he has agreed to leave the firm.

As the finance function is integrated, Lloyd has also agreed to leave the business early next year and his responsibilities will transfer to Phil Hine, currently finance director of shared services.

Mann has been responsible for the integration of Selestia, the development of the new Skandia Investment Solutions platform and the migration of Skandia Multifunds to SIS. This work has now been completed, so his role will not be replaced.

The news follows the redundancy of sales director Dave Chessell in October and the departure of Skandia Investment Group chief executive Jamie Macleod in September.

In November Skandia revealed that it was proposing to close nine regional adviser support offices and 100 sales staff are likely to face redundancy as a result of a review of the support the firm provides advisers.

Lloyd has been at the insurer for nearly seven years and Mann has been at the business for more than 12 years.


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There are 9 comments at the moment, we would love to hear your opinion too.

  1. Will the last person out please switch off the lights…

  2. Skandia has achieved an enviable market position the numerb 1 IFA platform. While there is pressure on all to cut costs, and these departures may be necessary, let us hope that they are not killing the goose that thus far has laid many golden eggs

  3. All geared up for the RDR I see.

  4. Problem is to make themselves RDR friendly they need to restructure all existing products ( effectively all the kick backs from the investment houses must be passed on to the client ), and there is still the FSA wrap and platform risk, which is questioning independence.

  5. I hope that Skandia’s excellent offering in the past has not bred a feeling of complacency. Lets pray that any overly eager rationalisation plan does not throw the baby out with the bath water….just need to keep our fingers crossed?

  6. JT was my mentor, he has served the Old Mutual group well. It is just a shame that nobody from the Selestia team (myself included) is left to carry on the great work. Skanida have benefited by getting a superb platform to build on and to develop RDR… yet I fear that the staff left behind will do more harm than good….

  7. They can’t keep on offering their current prices and stay profitable. Skandia has already shown that it must cut back heavily to maintain it’s pricing. Ultimately, their clients will lose out.

  8. They can’t keep on offering their current prices and stay profitable. Skandia has already shown that it must cut back heavily to maintain it’s pricing. Ultimately, their clients will lose out.

  9. So all the experienced IFA supporting consultants are going, being replaced those that will do as the company wants rather than what is right. Regional Office closures on the way. Now the senior staff in support are hanging up the gloves.

    Get ready for major incompetence going forward and lots of press 1,2,3 for call centres followed by in experience everywhere.

    A great company and brand is being destoyed bit by bit. The industry (IFA) never defends itself and is becoming a self spiral of destruction.

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