Skandia has scrapped its plans to acquire minority stakes in IFA firms following the concerns raised by the Financial Conduct Authority (FCA) over distribution partnership among providers and advisers.
Skandia was previously in talks to buy a stake in Caerus Capital Group but FCA was uncomfortable with this idea.
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A Skandia spokesperson said:"The FCA wanted to know more about the correlation of buying stakes in adviser firms with distribution. The regulator was uncomfortable with us acquiring a stake and having influence over distribution.
Skandia is currently seeking for other distribution options, the spokesperson added.
Skandia is now planning to diversify into distribution in the next three to five years and also looking at business-to-business-to-consumer offering, where advisers white-label a direct-to-consumer proposition.
Skandia also intends to build its services in conjunction with advisers to provide execution only services.
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