Skandia reverses top-up policy after adviser outcry

Platform giant Skandia has reversed its post-RDR stance requiring advisers who take a percentage fee to get a new client agreement every time a top-up into an investment is made.

Following complaints from advisers, Skandia has reversed its policy and has updated its forms to cover future top-ups. Skandia said from now, a new adviser charging form will not need to be completed with each top-up unless the percentage fee is changing. The change should cut down on the time advisers have to spend on such administrative tasks. Advisers had initially complained about the new policy after it was instigated in January, with some writing to the platform to complain. Peter Mann (pictured), managing director of Skandia's UK business, said: "Financial advisers and th...