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Standard says Sandler suite will be a failure

Standard Life has attacked the Sandler suite of products, claiming they will be just another in a catalogue of failures.

Speaking at the release of its new business figures in London last week, Standard deputy chief executive Sandy Crombie said the products would fail to bridge the savings gap in the same way as stakeholder and Catmarked Isas.

He also ruled out selling the products unless there is enough “headroom” for IFAs to distribute the products.

Standard this week met with Work and Pensions Secretary Andrew Smith and Treasury financial secretary Ruth Kelly and told them that simplified products were not necessarily safe and that 1 per cent would be too tight a price cap.

Crombie says: “There are no incentives to buy or sell Sandler products, they will just be another failure to add to the catalogue of failures. Why doesn&#39t the Government sit down with the industry to work out something together rather than forever leaving us to modify something with limitations?”

The company&#39s results show a 27 per cent rise in total new business to £7.4bn from £5.8bn in 2001, making it the UK&#39s biggest life office in terms of sales.


Opra blocks pension transfers in wait for new rules

The Occupational Pensions Regulatory Authority is to allow pension trustees to stop members from transferring out of their schemes until new rules come in effect later this year which are likely to make leaving schemes less advantageous.The move could leave some members trapped in underfunded schemes, some of which could be in danger of defaulting […]

Life offices say waiver would let them buy equities again

Norwich Union and Standard Life are claiming that applications for solvency waivers from the FSA would give them the flexibility to start buying equities again.There is speculation that the regulator is concerned about the drag of life companies on the stockmarkets and it believes that relaxing the rules will help a recovery in the markets […]

J O Hambro appoints managing director

J O Hambro Capital Management has appointed Andreas Lehmann as managing director. Lehmann, who was previously a managing director with Merrill Lynch Investment Managers, will take responsibility for sales, marketing and product strategy. Chief executive Nichola Pease says: “Andreas brings first class sales experience and knowledge of both European and internationals markets. “In addition to […]

Microsoft plans UK version of platform

Microsoft UK is planning a UK version of its US financial services platform MSN Money Professional, which allows IFAs to manage all their client information in one place. Announcing the move at the conference in Manchester this week, Microsoft says it will also enable investors to view and manage their entire portfolio online.


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