Skandia has announced that it will leave the Association of British Insurers because its business model no longer aligns with “old style” life and pensions companies, a characterisation that the ABI says it and its members “do not recognise.”
Skandia, an international long-term savings group providing pensions, investment and protection products through intermediaries in the UK and overseas with funds under management of 39.5 billion, says that its changing corporate landscape have alienated it from other ABI members.
“For some time now we have viewed ourselves as different from more traditional life insurers and have felt a lack of alignment with the broader membership of the ABI,” says Skandia UK CEO Nick Poyntz-Wright in a statement. “We offer our investment solutions only through financial advisers because we believe passionately in the importance of quality advice to guide and support customers financial decisions. Unfortunately fewer and fewer of our peers amongst the ABI membership share our focus on the advice sector.”
Meanwhile, Stephen Haddrill, the ABIs director general, says in a statement that “we do not recognise Skandias description of the ABIs member companies. ABI membership is made up of a wide range of excellent financial services, asset management, advice and protection companies.”