Twitter Q&A with Skandia's Peter Mann

Platform rebates were at the top of the agenda when IFAonline interviewed Skandia chief executive Peter Mann live on Twitter this afternoon.

We asked the questions through @IFAonlineUK while Mann answered through @Skandia in our first ever 'Twinterview'.

Here's how the conversation went:

Q (IFAonline): The big one - why won't Skandia disclose its rebates publicly?

A (Peter Mann): Rebates typically only part of remuneration, clients should have the full story. They'll have this when we unbundle.

Q: When can advisers expect that?

A: Well in advance of the current Dec 2012 deadline.

Q: Rebate issue is causing anger among some advisers. Are you concerned?

A: We believe IFAs are happy with the pricing of our product, otherwise we wouldn't have the largest platform in the UK.

Q: Why do you prefer unit rebates to cash rebates?

A: Because they are fairer to the customer who primarily uses a platform to invest in funds not cash.

Q: So are you disappointed by the delay to the cash rebate ban?

A: It does create some planning issues. We continue to build our offering based on what we believe is right for customers.

Q: Will advisers be able to use just Skandia platform and meet FSA requirements?

A: Yes, as long as the platform meets the needs of each customer.

Q: Is the current platform market sustainable?

A: For some platforms it's not, especially if they continue their suicidal pricing strategy or sub-scale asset acquisition.

Q: Has the FSA thrown some platforms a lifeline by saying IFAs probably need to use more than one?

A: Customer needs should define platform usage rather than the regulator. The strong will survive, the weak won't. #Darwin

Q: Do you have any plans to go direct to consumers?

A: We have no immediate plans for that.

Q: Is it important to have a large number of independent advisers in the market post-RDR?

A: It's more important to have the right number to ensure customers have appropriate access to professional advice.

Q: What's the latest thinking on number of advisers leaving industry because of RDR?

A: Not as many as some estimate. The UK advice industry has remained remarkably resilient over many years.

Q: Beyond advisers themselves, are providers, fund managers etc ready for it?

A: RDR is a big challenge for us all. The companies with integrity and scale will get there.

Q: What's going to be the next big development in platforms?

A: Management of debt? On platform protection? What does everyone else think?

Q: Is there a valid argument for delaying RDR implementation by 12 months? Would that harm Skandia?

A: There's an argument for some, but not for us. We're already in danger of regulating yesterday's market.

Q: What impact is current market volatility having on your business?

A: It's generally unhelpful but the essence of investment markets is that they are cyclical.

Q: Who would you say is most influential person in financial advice industry at the moment?

A: The customer.

Q: And finally... what does Peter Mann do when not thinking about platforms, rebates, RDR...?

A: Keeping an eye out for great shirts