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Standard Life angers Tep providers by voicing projection doubts

Standard Life has angered Tep providers with accusations that they are providing consumers with unrealistically high projections for maturity values.


The life office says it is concerned there is no regulation to ensure market makers use a standardised formula for calculating projection rates.


Standard Life marketing manager Andrew Black says: &#34We would like the PIA to impose tougher regulations on the market.&#34


But Tep providers say there is no evidence to support claims that they are providing consumers with exaggerated projection rates.


Policy Plus International sales and marketing director David Carrington says: &#34There is no evidence to suggest we get projection rates wrong. Standard Life is too arrogant to accept that a policy might have a different value to that calculated by its own actuaries.&#34

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