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Skandia pulls out of multi-bonds and CI in RDR move

Skandia is to stop offering multi-bond and critical-illness policies from the end of September.

The firm says the move is part of a strategy to move away from its older-style policies and focus on its platform 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 terms and conditions.

Skandia has written to advisers explaining the changes and says it is working with IFAs to prepare them for the move.

The maximum investment plan, the Skandia plan and other life cover products, including level term, rolling term, and guaranteed whole of life all remain open. The company’s unit-linked pension range remains open for fee-based sales but will be kept under review.

Skandia UK chief executive Peter Mann 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.”

Highclere Financial Services partner Alan Lakey says: “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?”

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