View more on these topics

Battle is on as Standard action group wins chance of a vote

The gloves are off in the
battle to keep Standard Life mutual following

the action group&#39s successful req^_uest
for a vote on demutualisation.

Standard Life chairman John Trott told 200 members at Tuesday&#39s annual

general meeting it had received a “requisition” from the Standard Life

Members&#39 Action Group on demutualisation which, at first sight, it believes

is valid. If valid, a special general meeting will be called within the

next three months to vote on the issue.

The move could net a 15bn windfall with the 2.3 million policyholders

qualifying for payouts of around 6,000 each.

But Standard Life is vowing to fight to stave off the threat of

demutualisation and stresses the board is unanimously in favour of staying


It needs to stop 75 per cent of members voting in favour of converting to

a plc or the board will be forced to start demutualisation proceedings.

A straw poll by Money Marketing in February revealed 75 per cent of IFAs

support Standard Life&#39s bid to stay mutual.

Standard Life director of corporate affairs Gordon Arthur says: “We added

a question
on demutualisation to some
market research a couple of

months ago and 49.6 per cent were undecided and 23 per cent were in favour

of remaining mutual but we have not told our side of the story yet.”

SLMAG co-ordinator Fred Woollard says: “The battle has just begun. We

believe policyholders are smart enough to work out it will be in their

interests, regardless of what propaganda Standard Life puts out. But we

will not be complacent because it is not going to be easy to get 75 per

cent of the vote.”


Jasper McMahon

The managing director of Misys Interactive Trading says the company is onthe brink of a very exciting development for IFAs where they will genuinelybe able to e-trade in life and pensions. New software and systems will havea major impact on the marketplace, he says.No matter how much you goad him on, Jasper Mc^_Mahon will not […]

Stay the course with common sense

I am not currently involved in the mortgage market. How^_ever, I have manyclients with existing endowment policies who are concerned about theadverse publicity regarding the prospects for their plans.It would be naive to expect a balanced view in the media although,surprisingly, there have been on or two positive comments in certainnews^_papers over recent weeks.The most […]

Setting up stakeholder

I run a family business which employs 50 staff. We are consideringestablishing a pension scheme but I am concerned about the implications ofstakeholder. Please explain how these will affect my business and set outwhat my options are. If no satisfactory alternative to stakeholder exists for employees, itwill be compulsory for the employer to offer a […]

Strong Govt hint of step towards LTC regulation

The Government has given its firmest indication yet that itispreparing to make a U-turn and regulate long-term care.In a Lords debate last week, Government spokesman Lord McIntosh ofHaringey said: “We shall aim to include long-term care products in theregulated activities order.”McIntosh said a Treasury committee is discussing financial product design, including disclosure, benchmarks, minimum standards […]

Retirement - thumbnail

Pension freedoms: stop the scams

At the beginning of 2015, we highlighted that the new pension freedoms that come fully online on 6 April also represent a very attractive opportunity for the criminal fraternity to scam savers out of some, or all, of their accumulated retirement savings.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm