View more on these topics

Standard Life in £100m PI claim

standard_life.gif

Standard Life is suing 11 insurers including ACE European Group after the provider was forced to inject £100m into the Standard Life Pension Sterling Fund during the credit crunch, Bloomberg reports.

Standard Life claims the 11 firms, which provided professional indemnity insurance to the provider, should have covered the costs of the £100m payment, which was made in February 2009 after the fund suffered losses.

Former chief executive Sandy Crombie said the company’s response to the losses was motivated by a desire to “do the right thing”.

A Standard Life spokesman says: “Standard Life is pursuing a claim through the Commercial Court in London against its professional indemnity insurers.

“This relates to the decision by Standard Life to make a payment of circa £100m into the pension sterling fund in February 2009, something the insurers have refused to indemnify. We are unable to comment further while the proceedings are on going.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Dear Standard Life, you had to do the right thing because your fund related litrature said the wrong thing.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com