The regulator said it did not want to stop firms from taking advantage of economies of scale, but said costs should be shared by the services rather than being allocated to subsidise just one arm of the business.
Mr Mann said: “Vertical integration is often used as a catch-all term, but there are a number of different models within the framework.
“I think it is perfectly legitimate to investigate the vertical integration framework to better understand rather than saying ‘ah, we might have something cancerous here, let’s cut it out’.
“The concept of vertical integration is relatively new and, as with all new concepts and ideas, it has faced criticism. If every company adopted the same approach, the world would be a dull place.”
Old Mutual has come a long way since Mr Mann's departure in 2014. Last year, the financial services group unveiled plans to divide into four parts: a South African bank, an African insurer, a US asset manager and a UK-based wealth manager, by the end of 2018 in a cost-saving exercise following a strategic review.
Old Mutual Wealth has since announced plans to de-merge from its parent group and list on the London Stock Exchange.
Mr Mann said: “[OMW listing on the LSE] is a logical thing to do. It has scale, sustainability and a rock-solid set of values typical of listed stocks.”
So what of the sentiment that shareholder pressure on financial institutions makes it difficult to strike the right balance between providing shareholder value and good customer outcomes?
“I do not subscribe to this view,” Mr Mann said. “If a company treats customers fairly and offer good quality client outcomes, their shareholders will prosper.”
On the zeitgeist of platform consolidation among life assurers turned asset managers, he added: “It shows the belief that scale is imperative to operate a successful platform. The bigger you are the harder you punch.”
Myron Jobson is a former features writer of Financial Adviser
PETER MANN'S CAREER LADDER
2014- Present
Chairman and consultancy positions at Bravura Solutions PTY (NED), Toriglobal (Chairman), Harwood Capital (Chairman) and Platforum Consultancy
2008-2014
Managing director of UK distribution/UK chief executive officer/ vice chairman of Old Mutual Group
Skandia/Old Mutual
2002-2008
Development director/chief executive officer
Bankhall
1994-2002
Appointed representative development manager/national and network director/sales director
Scottish Amicable
1991-1994
Consultant
Aitchinson and Colegrave IFA
1989-1991
Assistant branch manager
Scottish Amicable
1985-1989
Sales consultant
Scottish Amicable
1982-1985
Sales consultant
Royal Life
