Standard Life chief executive David Nish says he is looking to break the insurer’s dependence on financial advisers by exploring other distribution routes, including direct to consumer and through employers.
According to the Mail on Sunday, Nish says despite the greater focus on a direct offering, he will look to support advisers as they adapt to customer agreed remuneration.
He says: “I want to bring the outside world into Standard Life. We’re doing something we’ve never done before, which is talk to customers. We do not serve 70 per cent of the market, those people who do not use advisers. That is daft.”
Nish says he is adamant that people should see Standard Life as a savings and investments provider as opposed to an insurance company.
He says: “I am not running an insurance company. We are a long- term savings and investments business. I want to distance ourselves from being viewed as an insurer – of being slow, not consumer-oriented and not understanding the long-term savings market.
“We must construct appropriate savings and investment vehicles to help people accumulate for retirement. If we do this, Britain can be a genuinely exciting place for Standard Life to do business.”