Skandia, part of Old Mutual, has today launched its new unbundled proposition.
The new platform is RDR complaint and R2 Day compliant, as it meets the FSA's intentions regarding unit rebates to customers.
The new platform will facilitate adviser charging, and all rebates will be passed on to the customer in the form of units. This new development will make Skandia one of the first platforms to be R2 Day compliant, a year ahead of the deadline.
An adviser charging option has also gone live on the bundled pricing structure, which will remain available for existing customers only. New customers will automatically go on to the new unbundled pricing structure. Existing customers can choose whether or not to move across to the new proposition, and all requests can be actioned online by their adviser.
Further enhancements have also been made to the usability of the platform, the first phase went live at the end of last year, and was well received by advisers. This next phase covers all transactions, such as switches and new business, to deliver a more logical and intuitive process for advisers from start to finish.
Skandia is now in a transition phase, helping advisers with the new platform.
Peter Mann, managing director UK, comments:
"Today is a significant day for Skandia. The deployment of the new proposition has been the subject of careful planning, and puts clear blue water between us and some of our competitors. A deployment of this size will understandably take time to bed down, and our focus now is on helping advisers through this transition phase."
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