Print Share

2014 press releases


In its response to the FCA Consultation Paper (CP14/11) ‘Retirement Reforms and the Guidance Guarantee’, Old Mutual Wealth is calling for part of the cost of the service to be borne by an addition to the pensions levy, paid by workplace trust schemes. This should reduce the amount contributed by financial advisers.


The Skandia brand disappears from the UK today (22nd September 2014) and all Skandia UK operations adopt the Old Mutual Wealth brand.


Skandia International, part of Old Mutual Wealth, has enhanced the adviser charging options available on its range of offshore bonds. The enhancement means the advice fee no longer needs to be deducted from the annual 5% tax-free withdrawal allowance, leaving more of the allowance for the customer. This is great news for UK advisers and customers who want to use the 5% withdrawal allowance on offshore bonds because customers can benefit from greater tax-free income.


Skandia has listened to financial advisers and worked closely with Invesco Perpetual and Woodford Investment Management following its announcement that it intended to close the Skandia Invesco Perpetual Income and High Income funds on its Skandia Life range. Many financial advisers have told Skandia that they want to remain invested in the Invesco Perpetual funds and asked that the funds remain open.


The new consultation paper issued today by HMRC, which plans to make it a criminal offence to evade offshore tax, will directly impact those investors looking to move money to non-disclosure jurisdictions. HMRC will ‘prioritise for criminal investigation’ those who move out of a jurisdiction with a disclosure agreement in place* in an attempt to escape scrutiny.


Skandia International, part of Old Mutual Wealth, today announces the launch of a flexible offshore investment bond in Spain. The award winning European Capital Account (ECA) has been redesigned especially for the Spanish expat market to meet the growing demand for a flexible savings solution.


Skandia, part of Old Mutual Wealth, today announces the launch of informer, a new website for financial advisers, offering access to a wide range of technical support and financial planning information. The site replaces Skandia’s long running adviser publication of the same name and will shortly be available as a mobile app.


Old Mutual Wealth, comprising Skandia, Skandia International and Old Mutual Global Investors (OMGI), saw net client cash flow (NCCF) increase by 50% in the first half of the year to £1.2 billion (H1 2013: £0.8 billion). The increase demonstrates strong demand for Old Mutual Wealth’s investment solutions via its new Skandia WealthSelect offering, as well as funds offered by OMGI, in particular UK Alpha and Global Equity Absolute Return.


Skandia International, part of Old Mutual Wealth, builds its team in the Middle East and Africa with the appointment of Matthew Firman.


Skandia International, part of Old Mutual Wealth, develops its growth strategy in Asia with two new developments. Firstly, it has expanded its presence in Asia by entering into a strategic partnership with Jardine Lloyd Thompson Asia (JLT), one of the largest brokers in Asia. Secondly, it has launched an innovative new life cover solution to meet the needs of high net worth individuals and businesses in Asia.


Nearly two-thirds of advisers have witnessed an increase in business enquiries since the Budget announcement, according to a survey conducted by investment business Skandia, part of Old Mutual Wealth.


The Q2 net sales data from the Skandia Investment Solutions platform reinforces the market wide spike in property fund sales, suggesting investors are unsure about some asset classes and are looking elsewhere to balance their portfolios. With poor cash rates, low bond yields and some equity markets hitting at all-time highs, investors are turning to property as their favourite investment.


Investment business Skandia, part of Old Mutual Wealth, has welcomed an amendment to the Finance Bill which will see the promised ‘Freedom & Choice’ in pensions announced in the Budget made available to many more occupational pension scheme members.


Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, has received regulatory approval for its acquisition of Intrinsic and the transaction officially completed on 1 July 2014. The acquisition is a significant milestone in Old Mutual Wealth’s strategy of building an integrated customer proposition comprising financial advice, asset management and wealth management products. 


Investment business Skandia, part of Old Mutual Wealth, believes that the ‘free, impartial face-to-face’ guidance revealed by the Chancellor in the recent budget announcement should act only as an introduction to full advice.


Skandia, part of Old Mutual Wealth, has today announced the appointment of Tony Harris as head of specialist sales in order to expand the specialist sales support it provides to financial advisers.


HMRC has confirmed that new proposals for a single nil rate Inheritance Tax (IHT) band for trusts will not be applied to existing trust arrangements, where no further assets are added or variations made to that trust. This will create demand for financial advice to ensure thousands of existing trust arrangements are not caught by the new rules. Despite these changes, trusts will remain a valuable tool for advisers to use when carrying out estate planning for their clients.


Skandia, part of Old Mutual Wealth, today announces Gower Wisdom has been appointed as product director. 


A swift change to retirement income rules is required in order for the Government’s proposed pension reforms to work, according to leading investment business Skandia, part of Old Mutual Wealth.


Skandia, part of Old Mutual Wealth, today confirms it is adding Neil Woodford’s Equity Income fund to its SelfSelect open fund range and a bespoke sub-advised mandate of the fund to its WealthSelect researched fund range. The fund, which is the first launch from Woodford Investment Management, will have an ongoing fund charge of 0.65% in both ranges.