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Tenet backs Skandia over platform re-price

Tenet has welcomed Skandia’s decision to remove its entire front end margin received through Selestia Investment Solutions.

The network says that the structure reflects many aspects of Customer Agreed Remuneration (CAR) as the only charge levied is that commission agreed between adviser and client, meaning that should an adviser choose to drop commission to zero there would be no initial charge.

Tenet says this move sees Skandia’s investment solutions platform offer one of the best packages to investors, with Skandia set to make further changes in 2009 to un-bundle commission payments and offer a completely transparent structure for managing fund rebate payments.

Tenet group distribution and development director Keith Richards says: “The FSA are making it clear that the consumer and their needs must come first and it’s more important than ever for advisers to be able to clearly demonstrate their commitment to achieving the best possible outcome for their clients.”

“Skandia is taking platform development to the next level by ensuring that there are tangible benefits for the client as well as the adviser. The drive to continue to invest in its platform and ensure that it is in step with regulatory developments will really make a difference to advisers planning to modify their business models to adapt to future change in the regulatory landscape.”

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