Standard Life carpetbagger David Stonebanks says news that the mutual insurer is in talks with the FSA over the calculation of its realistic balance sheet is worrying and gives more weight to the demutualisation argument.
Stonebanks says that as a policyholder the development is worrying, however he believes it is likely only to impact on future bonus rates. He believes the situation makes a potential float more likely, as it may need to raise more capital.
Between he and his wife, the couple own eight Standard Life with-profits policies worth around £100,000. He has currently collected1730 signed request forms aimed at forcing Standard to hold a special general meeting to vote on demutualisation. He needs 1000 complying forms to force the meeting.
Stonebanks says: “I think the only concern is that our future bonuses might not be as much as we would have hoped.”