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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.

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