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Royal London says Standard issue is not a mutual trend

Mutual insurer Royal London says the problems that Standard Life is facing are not industrywide.

Royal London says the issues that the FSA has identified with Standard Life are specific to Standard and will not have an impact on Royal London.

It says it has had routine discussions with the FSA over the development of its own realistic balance sheet over the past few months, and there is no reason to believe that any of the same issues will arise.

Royal London underlines that there is no reason for it to change any of its business practices or to undertake a strategic review, as Standard Life has done, and concludes that it has enough capital to support its business plans, including strong business growth in the IFA market, for the rest of 2004 and beyond.

Group head of communications Alasdair Buchanan says: “We felt that it was important as a mutual to clarify that the problems at Standard Life have nothing to do with its mutual status or with the industry generally – they are very much to do with practices that appear to be specific to Standard Life and it is important that IFAs and the public understand this.”

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