Skandia pulls critical illness and multi-bond products
Share
Skandia is to stop offering multi-bond and critical illness policies from the end of September.
Skandia says the move is part of a strategy to move away from its older style policies in order to prepare for the retail distribution review.
Existing customers will still be able to top up their investments in line with their policy term and conditions.
Skandia has already to written to advisers explaining the changes and says it is working with IFAs to prepare them for the move.
Skandia’s maximum investment plan, the Skandia plan and other life cover products including level term, rolling term, and guaranteed whole of life all remain open.
Its unit-linked pension range remains open for fee-based sales but will be kept under review.
Skandia UK chief executive Peter Mann (pictured) says: “Our experience shows that financial advisers are already moving towards fee-based advice models in response to customer demand and the RDR will accelerate this change. To meet this evolution, we are determined to have one clear and simple proposition for customers so are focusing on the development of our Skandia Investment Solutions platform. We will ensure it continues to meet customer and adviser demand now, as well as being a high quality RDR-ready proposition for the future.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
Readers' comments (4)
Dale Tranter | 28 Jul 2010 4:25 pm
A shame about CI as Skandia always had one of the most comprehensive products on the market, partcularly going back to the Lynda Cox/Shelley Robertson era, but also in more recent times
It's probably been coming since Ian left though.
Unsuitable or offensive? Report this comment
Julian Stevens | 28 Jul 2010 4:40 pm
But the Royal Skandia Offshore Bond remains, with the valuable facility to use it just as a tax wrapper and passport back into the onshore range of SIS funds.
There's a lot to be said for passporting and not just with offshore investment bonds! I think we can predict with some confidence that it's going to become increasingly popular over the next couple of years.
Unsuitable or offensive? Report this comment
Alan Lakey | 29 Jul 2010 8:49 am
Sadly, this is yet one more symptom of the consolidation which is being hastened by the RDR proposals.
How many providers will there be in 2015?
Unsuitable or offensive? Report this comment
Kevin Simpson | 29 Jul 2010 12:14 pm
I would like to see the research from his soundbite stating that fee charging is due to customer demand.... dont think so
Unsuitable or offensive? Report this comment