In March 2002, Bell, who was aged 65, was succeeded as managing director by Iain Lumsden after retiring, having been at Standard for more than 40 years.
Bell was one of a generation who worked at Standard Life for life, building Standard’s high reputation for service standards for IFAs, making the company one of the most popular choices for investment and pensions business amongst advisers.
During his tenure, the company fought for with-profits business aggressively but it also saw expansion into other areas notably Standard Life Investments.
Despite his low-key approach, Bell was one of the strongest advocates of mutuality in the life insurance sector.
Standard Life spokesman Scott White says: “All at Standard Life will be saddened to hear of the death of Scott Bell. He will be remembered by many as on of the key figures in our history, whose wisdom and leadership helped to form the Standard Life that we know today.”
Norwest Consultants Harry Katz says: “I would imagine that Mr Bell would have passed away with a broken heart looking at Standard Life today. He would have remembered for Standard Life in its heyday, when it had an excellent reputation, while it was still unsullied.”
Jamieson Financial Management principal Bruce Jamieson says: “I think in many ways he was the man who put Standard Life on the map in the modern era. I always think of him as a decent straightforward chap – and they are few and far between.”