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Skandia International warning over Qrops misselling

Skandia International has warned that client suitability issues around Qrops could create misselling problems.

The firm does not currently provide a direct Qrops solution for retail investors but is watching market developments. Its collective bond and executive bond are used by advisers as an investment vehicle within a Qrops.

Marketing manager Phil Oxenham says: “The development of the Qrops market should help our business in the coming years as the client does not have to find new money to invest in these challenging times. The main concern would be around client suitability. Given the myriad of legislation, advisers must exercise caution to ensure their recommendations are appropriate.”

AES International managing director Sam Instone says: “Everyone is aware that the current situation is potentially leading to another pension misselling scandal.”

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