for financial advisers only

Customer principles

It should not be unusual to give good service, but sadly, in the financial services industry today, it often is. We at Skandia work hard to constantly improve our standards in this area in order to buck this trend.

Our track record speaks for itself. One of the most prestigious awards in the UK is the Financial Adviser Five Star Service Awards. This is a professional assessment, where financial advisers vote for the life, pension and investment companies that provide the best service. Since their inception we have won more awards than any other provider; recognition of the central place service has at Skandia.

But this doesn’t mean that we are complacent. Skandia promotes a passion for customers across the organisation and we strive to not only provide the service expected by our customers but also to offer value, to get our work right first time, and to continuously seek improvement.

One of the ways we are doing this is through the adoption of our customer principles, currently being implemented throughout the organisation. We are constantly working to improve the products and services that we deliver and we are committed to continually raising the bar on our service standards.

Product design

  • Know the target market
    We identify the characteristics of customers who are likely to be recommended any new product.
  • Understandable products
    We design new products so that they can be fully understood by intermediaries recommending them and by customers in the target market.
  • Transparent products
    We design products with clearly defined benefits and charges where the scope for any discretionary decisions on our part is minimised.
  • Fair charging structures
    Our products have charging structures that are fair and transparent.

Sales and marketing

  • Clear and balanced promotions
    Our promotional material provides a well balanced message, using plain language that is suitable for the target market.
  • Reputable and knowledgeable intermediaries
    We distribute products only through intermediaries who we believe treat their customers fairly, and strive to ensure that intermediaries selling our products fully understand them and the risks that they need to consider with their customers.
  • Fair intermediary remuneration
    Our intermediary remuneration scales are designed so that remuneration can be disclosed clearly to customers, and intermediaries are not encouraged to recommend unsuitable product characteristics.

Product servicing

  • Meet customers service needs
    We understand our customers and provide them with services that meet their needs, and ensure the service is in accordance with the contract and promotional material we have issued them.
  • Provide appropriate product information
    We ensure customers are given appropriate, and balanced, information on their products to enable them (with advice if necessary): to plan adequately for the future; to consider taking up any options within the product; and to review the product if external factors change.
  • Fair business decisions
    We balance fairly the interests of customers, intermediaries and Skandia when making decisions relating to product servicing. This applies to both discretionary decisions within the product terms and day-to-day business decisions.
  • Fair responses to requests and complaints
    We consider fully customers’ requests, concerns and complaints, and respond to them in a fair way.

Management information

  • Have adequate management information
    We ensure we have adequate reporting processes and information systems relating to these principles to measure how well we are performing against them.