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Canada broker &#39fraud&#39 costs Standard £685m

An alleged scam by Standard Life employees at the company&#39s Canadian subsidiary has cost the firm almost $1m (£685,000) and led to the dismissal of five sales and service staff.

Standard Life says its internal investigation is ongoing and the sales and service representatives and brokers responsible for the fraud are being taken to court in an attempt to recoup the money it reimbursed to clients.

Last December, Standard Life&#39s audit procedures uncovered the scam between employees and brokers.

The investigation of the entire pension and insurance sales network found the sales and service reps had appointed brokers without the customers&#39 knowledge, paying them fees based on the policyholders&#39 premiums. The brokers then paid the employees a portion of the fees.

Consultants dealing with Standard Life and the affected clients have been informed. The employees and brokers were reported to the provincial regulatory bodies.

Standard Life head of public affairs in the UK Mandy Haeburn-Little says: “It is a very limited incident and no customer has been disadvantaged. A root and branch review of all systems was carried out and this could not happen again.”


&#39Transfer rules another nail in Equitable coffin&#39

The Inland Revenue has released final regulations on personal pension transfers, including changes which allow the transfer of income-drawdown policies for the first time. The new rules will come into force on February 14, prompting some IFAs to predict the new drawdown transfer option will encourage a flood of drawdown policyholders deserting Equitable Life for […]

Mortgage Intelligence gets IFAs and buyers together

Mortgage broker network Mortgage Intelligence has set up a new service aimed at helping IFAs market their services to consumers and to allow them to receive mortgage enquiries online. MI Online costs advisers £175 a month and allows them to create their own branded interactive website with a personalised web address. Each site will feature […]

Igroup investigates Panorama claims

Sub-prime lender igroup is understood to have called in top accountants PricewaterhouseCoopers to investigate allegations made against it in a BBC Panorama documentary last Sunday. The company came under scrutiny from the BBC&#39s current affairs programme for its business links with broker The Mortgage Group, formerly known as Capital Credit. The programme alleged that The […]

Fourth issue of ScotLife bonus bond

Scottish Life International is issuing a fourth series of its income & growth bonus bond. The three-year bond offers investors the choice of either regular income of 11.2 per cent a year or 2.7 per cent a quarter. Alternatively, investors looking for capital growth will get 35.6 per cent growth on the bond&#39s maturity, provided […]

Partied out and penniless

December has left me destitute. My piggy bank lies broken and empty, my lunchtime meal deal feels like an extravagant expense and I’m down to the Bountys in my box of Celebrations. But I won’t mourn my dearly departed pennies. Between buying gifts for loved ones (then deciding to keep them for myself) to treating […]


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