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16/05

SKANDIA TAKES THE TERMINAL OUT OF TERMS AND CONDITIONS

Investment specialist Skandia has called time on tedious terms and conditions and signed up award winning comedian and barrister Clive Anderson to present their online terms to customers in a video.

Investment specialist Skandia has called time on tedious terms and conditions and signed up award winning comedian and barrister Clive Anderson to present their online terms to customers in a video.

Online research commissioned by Skandia shows that only 7% of adults always read full online terms and conditions when signing up for products and services, with 43% of those who don’t always read them saying they are boring or contain wording they don’t understand. Given the choice, nearly six in ten (58%) adults said they would rather read an instruction manual or their utility or credit card bill than go through online terms and more than one in 10 (12%) would rather read the phone book.

Worryingly, just over a fifth (21%) of the people surveyed say they have suffered as a result of ticking the terms and conditions box without having done their homework. One in 10 (10%) have found themselves locked into a longer term contract than they expected by signing up without reading the small print and one in 20 (5%) have lost money by not being able to cancel or amend hotels or holidays.

“We know people find terms and conditions boring but they’re a necessary part of any contract and they’re particularly important where money is concerned,” says Skandia’s Jo Rimmer. “Our initiative with Clive marks the start of work to completely overhaul all our terms and conditions to make them easy to understand. It’s a major job but it’s worth it because it will give our customers a greater understanding of what they’re signing up for.”

In the video Clive Anderson talks about the importance of knowing what’s hidden in the small print, as well as reading out in full Skandia’s online service terms and conditions.

During May 350,000 Skandia customers are being contacted to sign up to the service. They will be given the opportunity to watch Clive Anderson’s video, or simply listen to him read them via an audio file, as an alternative to having to read the terms themselves before they tick the box to confirm acceptance.

“Signing up to our online service will give customers easy access to important information about their investments,” says Jo Rimmer. “It will also reduce the amount of paper we use to communicate with them, which will have an additional environmental benefit.”

Notes to editor:

All figures, unless otherwise stated, are from YouGov Plc.  Total sample size was 2002 adults. Fieldwork was undertaken between 1st - 4th April 2011.  The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

For more infomation contact


Jo RimmerSkandia02380 916 59707970 088383
Charlie MussonSkandia02380 916 09907834 499554

 

Old Mutual Wealth is a leading retail investment business in the UK and internationally.  It offers an integrated customer proposition covering financial advice, actively managed investment portfolios and a range of tax efficient products.  Its vision is to make wealth management services more accessible to consumers in order to enable positive futures for its customers. Old Mutual Wealth comprises Skandia*, Skandia International, Old Mutual Global Investors and Intrinsic.

At the heart of its proposition is a range of actively managed investment portfolios that cater for the vast majority of customer needs.  These investment solutions are managed by Old Mutual Global Investors and available through a complete range of tax efficient products – ISAs, Pensions and Bonds (onshore and offshore) – or as stand-alone investments.

Internationally, Old Mutual Wealth, via Skandia International, offers a leading range of flexible and portable investment products for customers in different parts of the world; each is designed to be relevant to the needs of the local market.

Intrinsic is the largest network of financial advisers in the UK with around 3,000 restricted and independent financial advisers.  Intrinsic’s financial advisers are focused on providing the right advice and solutions, to both individuals and businesses, across all product areas - from pension and investment advice to mortgage planning, protection and insurance.

Old Mutual Wealth currently oversees £80.3 billion in customer investments (as at 30 June 2014) and has offices in the UK, France, Italy, Germany and Austria, as well as the Isle of Man, Dublin, Hong Kong and Singapore.

Old Mutual Wealth is part of Old Mutual plc, a FTSE 100 group that provides life assurance, asset management, banking and general insurance. Old Mutual is trusted by more than 16 million customers across the world and has a total of £300.5bn assets under management (as at 30 June 2014)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

*UK, France and Italy