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Standard looking at all the options

The recent front-page story headlined, Standard rejects IFA commission on

trees, does not accurately reflect Standard Life&#39s position on this matter.

Prior to the publication of regulatory update 88 by the PIA, Standard Life

chose not to offer tree-walking services to the clients of IFAs.

This was because Standard Life, like most other providers, believed that

this would constitute an indirect benefit.

However, regulatory update 88 confirmed that commission could be paid to

IFAs where the provider offers tree-walking services to the client.

The clarity provided by regulatory update 88 enabled us to review our

stance on the provision of tree-walking services.

In order to make the right decision for IFAs&#39 clients,IFAs and Standard

Life, we are undertaking a comp-rehensive analysis covering the following

areas:

The potential for customer confusion around whether they have received

advice and from whom.

The compliance respon-sibilities associated with offering tree-walking

services.

The resource and cost implications for Standard Life.

Therefore, Standard Life has not rejected the concept of offering a

tree-walking service and paying IFAs commission.

We are working closely with IFAs to understand the demand for, and

practicalities of, offering such a service.

Our decision will be made after listening to IFAs and carefully

considering all the options.

Graham Storrie

Standard Life

Assistant general manager, (marketing),

Edinburgh

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