Skandia: Select range unaffected by platform subsidies ban

Skandia has said its discounted fund panel Select will not be affected by the Financial Conduct Authority's (FCA's) final rules on platforms, despite a ban on subsidies.

The regulator ruled product costs "should not be used to cross-subsidise the platform charge," leading to complications for a number of firms with both platform and fund management arms. Axa was forced to renew its Elevate and Architas loyalty deal, while Fidelity canned a similar deal on its Navigator range after just a week. Skandia was also understood to be considering a similar approach on its high-profile Select range - a panel of 23 funds from ten fund houses - though it will now be forced to charge the full platform fee to advisers using the proposition. As a whole, the rang...