View more on these topics

Standard Life takes £45m hit from Singapore closure


Standard Life will take a £45m hit following the closure of its Singapore insurance business.

In a stock exchange announcement this morning, the provider says that, subject to regulatory approvals, the business will no longer accept new applications or contributions to existing plans with immediate effect.

Standard Life will pay all affected customers an 8 per cent enhancement on the value of their plan.

Standard Life says: “The closure will give rise to a non-operating loss in the order of £45m covering impairment of intangibles, including deferred acquisition costs, as well as other costs of closure.

“This will be reported within discontinued operations in Standard Life’s half year results on 4 August 2015, alongside the gain on the sale of its Canadian operations of approximately £1.1bn.”



Martin Bamford: Advisers must face up to the Paul Lewis challenge

It is easy in this profession to get upset by the little things. Sometimes it feels like every public comment made is a personal attack on our character, behaviour and professional judgement. For example, when we read the latest Money Marketing columns by Paul Lewis and Nic Cicutti, it is only natural to take offence […]


Standard Life Investments’ Ed Legget departs

Standard Life Investments UK equity manager Ed Legget, who manages the £1.3bn UK Equity Unconstrained fund, is leaving the firm. Legget is quitting the firm to “pursue other opportunities”, SLI says. He has managed the fund since 2008. Wes McCoy, investment director in the UK equities team, will assume management of the fund with immediate effect. […]


Apfa: Three crucial failings the FOS must address

Since its inception, the Financial Ombudsman Service has been the subject of criticism from complainants and financial services firms alike on grounds including impartiality, adjudicator competence and the underlying assumptions made. We launched a project to identify and further analyse these concerns, and found there are real issues regarding the FOS’ decision-making that need to […]


Magnus Wheatley appointed MD in Charles Stanley shake-up

Charles Stanley Direct has shaken-up its management team, appointing Magnus Wheatley as managing director of the business. Mike Lilwall will stay as head of proposition for the Charles Stanley Direct business, as well as director of Charles Stanley Group. Wheatley was previously head of digital marketing and communications at Charles Stanley Group, and Joanne Vowles will take […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment