The firm carried out a diagnostic check of the platform after a number of IFA complaints and says it found and amended an admin error that prevented 5 per cent of all clients on FundZone receiving income.
Head of communications Mark Polson says: “We are aware of this problem and have corrected it and are now looking back to ensure that all clients are no worse off as a result. Most of these problems have been small income queries and we are keeping the FSA up to speed with the situation.”
Standard Life says it will pay outstanding interest above the current base rate.
A spokesman for the IFA Defence Union says that Standard should be paying closer attention to admin problems as many elderly investors depend on receiving this income.
He says: “Standard needs to recognise the importance of this money to clients and it needs to make customers and IFAs aware of any problems straight away.”