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Transact hits out at Skandia claims

Transact head of marketing Malcolm Murray has hit out at Skandia for making incorrect claims that certain funds were not available on Transact.

In its latest adviser update, Murray attacks Skandia’s marketing tactics but Skandia insists it made an innocent mistake.

In a recent trade press article, Skandia platform marketing manager Jeremy Mugridge wrote that neither the Jupiter cash nor the Premier UK money market funds are available on Transact.

Murray says: “Skandia is perfectly entitled to argue its case but it does Skandia and its people little credit.

“We have commented just once on Skandia’s ‘our bike is cheaper than your car’ campaign and, having made our point, had rather hoped not to comment again.”

But he adds: “Either Skandia needs to get its facts right or it should stop quoting specifics.”

Skandia head of proposition marketing Peter Jordan admits Skandia was wrong to state the Jupiter and Premier funds were not available on Transact.

He says that it was a simple mistake as the company mixed up data from Standard Life and Transact in its table.

Jordan says: “Our table detailing the availability of our top-10-selling funds on the other platforms mixed up the outcomes for Transact and Standard Life.

“This is a simple error for which we apologise to both Transact and Standard Life, it was clearly not our intention to mislead anyone. However, it does not change the conclusion that whole of market may not be possible.”

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