Skandia Takes the Terminal out of Terms and Conditions

LONDON, May 23, 2011 -

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%
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."

To view the Clive Anderson video please click here:
www.youtube.com/user/SkandiaUK#p/a/u/2/kEeoD2r0inE

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+).

About Skandia:

Launched in 1979, Skandia UK is now the largest retail fund platform
provider by funds under management (GBP33.9 billion as at 31.12.2010).
Skandia is a leader in the new model of long-term investments, offering
flexible and tax efficient solutions.

Skandia's products are distributed through financial advisers as they are
best placed to lead investors on the journey from traditional products
towards investment solutions.

Skandia's market-leading investment platform provides access to a wide
range of investment solutions and combines this choice with a selection of
tax wrappers so investors can make the most of their money. Skandia's scale
gives it buying power to offer these funds at very competitive prices. This
market proposition is underpinned by Skandia's award winning support and
service.

Skandia is part of the wealth management business of Old Mutual plc, a
leading international long-term savings group. Old Mutual plc has
approximately GBP309.3 billion of funds under management (as at 31.12.2010)
and approximately 57,000 employees.

This press release is for journalists only and should not be relied upon
by financial advisers or customers. For more information visit
www.skandia.co.uk.

james.coyle at pitch.co.uk, James Coyle +44(0)20-7494-1616