Skandia has launched its unbundled platform proposition, which will facilitate adviser charging and pass on rebates as units.
The Old Mutual-owned provider said the proposition met the Financial Services Authority's planned platform rules, set to come into force at the end of next year. The regulator is set to ban platform cash rebates and the provider payments to platforms.
New customers will automtically be placed onto the unbundled pricing structure. Existing customers can choose whether or not to move across to the new proposition, and all requests can be executed online by an adviser.
Peter Mann (pictued), managing director Skandia UK, said: ‘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.'