Skandia has expressed fresh doubts about negotiating preferential share classes with fund managers, instead focusing on launching unbundled share classes that will continue to pay rebates.
After HM Revenue & Customs (HMRC) said it would tax rebates last month, the platform joined Standard Life in saying it would ask groups for ‘super clean' share classes. But today it said rebates would continue to offer good value to clients, while allowing for easy re-registration for platforms. Only 13% of Skandia clients hold funds in a general investment account - the tax wrapper hit by HMRC's decision - meaning the majority will not be disadvantaged, CEO Peter Mann said. "Our data shows just how many clients hold ISAs and pensions as part of their portfolio, and other providers...
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