Skandia shuts CI and MultiBOND

Skandia will close its MultiBOND and critical illness offerings to new business from the end of September.

Its unit-linked pension range will remain open for fee-based sales, but it will be kept under review in the run-up to the new rules coming into effect with the RDR.

The company says it is preparing to close some of its older style policies to new business in line with changing demands of customers and financial advisers ahead of the rule changes.

Skandia says it will maintain a high level of service for existing customers who will still be able to top up their investments and make increments in line with the terms and conditions of their policies.

Skandia's Maximum Investment Plan (MIP), unit-linked flexible whole life product, The Skandia Plan (TSP) and other life cover products, including level term, rolling term, and Guaranteed Whole of Life, all remain open.

Peter Mann, chief executive officer for Skandia UK, says: "The new rules may seem like a long way off, but it is critical that the industry starts implementing changes now.

"Skandia will remain at the forefront of industry changes and continue to lead transition to the new model of financial services."