ABI: Skandia mistaken

Following today’s announcement that Skandia is resigning its membership of the ABI, Stephen Haddrill, the ABI’s Director General, said:

“We do not recognise Skandia’s description of the ABI’s member companies. ABI membership is made up of a wide range of excellent financial services, asset management, advice and protection companies.

“On the Retail Distribution Review, we make no apologies for standing up for consumers. Our members have consistently been in favour of increased professionalism and have advocated reform to eliminate commission bias and increase consumer trust in financial advice. Indeed, we share the AIFA and FSA view that it is beneficial to consumers if new sales models are developed. It is disappointing that Skandia do not wish to explore such new opportunities for consumers with us.

“We acknowledge Skandia’s recognition of the ABI’s success in improving corporate governance and lobbying for the fair tax treatment of UK savers and will continue with this agenda, as well as working for necessary reform to ensure consumers get the best financial services for their needs.”

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