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Standard: End of mutuality?

May 2000: Independent insurance analyst Ned Cazalet says Standard Life would be worth £16bn if it demutualised.

June 2000: Standard Life sees off carpetbagger Fred Woollard, with 53.4 per cent of the 1.1 million policyholder vote supporting continued mutuality.

December 2001: Iain Lumsden takes over as chief executive following the retirement of Scott Bell.

May 2002: Finance director John Hylands says with-profits will change for the better as a result of the FSA&#39s review.

August 2002: Cazalet claims Standard&#39s reserves have plummeted from £10bn to just £2bn

November 2002: Standard cuts the equity exposure of its £35bn with-profits fund to 53 per cent from 71 per cent in September 2001 – still a higher proportion than most rivals.

February 2003: Standard asks the FSA for a solvency waiver but says it is not close to breaching solvency margins.

March 2003: In an attempt to look more open, the mutual begins publishing its report, accounts and FSA returns in a similar fashion to plcs.

March 2003: Standard hits out at rivals for manipulating free-asset ratios and admits to an investment loss of £4bn.

July 2003: The mutual faces carpetbagger David Stonebanks, whose demutualisation efforts fail because of the wording of his resolution.

August 2003: Standard releases a formal statement declaring it has no intention of closing its with-profits funds and is considering launching a new range in the next year.

January 2004: Standard enters into negotiations with the FSA over implementing WP reforms.

January 2004: Standard launches a strategic review of its mutual status, leading many to conclude that it will demutualise. Chief executive Iain Lumsden retires with immediate effect and is replaced replaced by Standard Life Investments chief executive Sandy Crombie.


Abbey is shifting ScotProv jobs to Glasgow

Abbey is moving 900 jobs from its Edinburgh offices to Glasgow as part of its review of UK operations.The move could mean redundancies among the 700 Scottish Provident staff based in St Andrew Square and George Street in Edinburgh. Scottish Mutual staff will not be affected.Most of the 730 customer services staff will be offered […]

Means of life

Talking to advisers active in the field of long-term care, there is often uncertainty as to whether the definition of life insurance for the purpose of the local authority means test includes an investment bond. Indeed, some local authorities have sought to take investment bonds into account as assessable assets despite the fact that, strictly […]

Arc Fund Management – Arc EIS Fund 2

Type: Enterprise investment scheme Aim: Growth by investing in at least four unquoted companies at the early stage of development Minimum investment: Lump sum £2,000 Investment split: 100% unquoted companies Opening/closing date: January 2, 2004/April 3, 2004 Charges: Initial 2.5%, annual 0.5% Commission: Initial up to 3%, renewal 0.33% Tel: 020 7623 3345

And the loser is…

Life office chief executives around the UK this week will be shuddering at the thought of winning the CE of the year gong at the IFA and Provider Awards of a downmarket rival in 2004 after last year&#39s winner took an early bath last week.Compared by some to the infamous football club chairman&#39s vote of […]

InFocus - thumbnail

In Focus — February 2015

Jelf Employee Benefits looks at the issue of paying anaesthetist fees when the patient had no chance to discuss or agree to them prior to care; and provides recommendations for avoiding this scenario.


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