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Saltr blow as Skandia rethinks accreditation

Skandia has withdrawn from seeking the ABI’ Saltr accreditation because it fears its efforts might be wasted as the industry faces scrutiny under a deluge of reviews.
The decision is a setback for the quality mark scheme, which was launched last October, with dozens of brands, including Skandia, giving their official commitment to seeking accreditation.
But while Skandia says it has already met or exc-eeded the standards set by Saltr, it has put the brakes on the application process until the industry deals with the impact of the Sandler Rev iew and the FSA reviews of disclosure, with-profits and polarisation.
The news comes as the Pensions Protection and Investments Accreditation Board has received the first raft of applications from life offices seeking accreditation.
Skandia spokeswoman Jo Gilbey says: “We are not trying to duck the issues of clarity of information and customer service. We are waiting until after the industry has dealt with the outcomes of the son of Myners and FSA reviews and when unit-linked policies are on a level playing field with with-profits policies in terms of transparency.”
PPIAB chief executive John Cox says: “There was some reticence when son of Myners was announced but life offices are agreed that Raising Standards is likely to be ahead of the game or actually go beyond anything from the formal regulatory area.”

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