The recent front-page story headlined, Standard rejects IFA commission on
trees, does not accurately reflect Standard Life's 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' clients,IFAs and Standard
Life, we are undertaking a comp-rehensive analysis covering the following
The potential for customer confusion around whether they have received
advice and from whom.
The compliance respon-sibilities associated with offering tree-walking
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.
Assistant general manager, (marketing),