IFA Wentworth Rose believe Standard Life will be better off as a plc and that mutualisation has been the driving force behind its present problems.
Wentworth Rose chief executive Philip Rose says today's action by Standard Life was inevitable. He says Standard Life “really got it wrong” on the equity market in 2002 and has eventually forced itself into this position through its own mistakes.
Rose believes Standard Life will be better off as a plc than a mutual because in the past few years it has been too strapped for cash and innovation and believes in ten years it will be thankful of this present “uncomfortable times”.
Rose says: “Standard used to tell you that being a mutual made it more prudent but it is hard to see where this prudence was over the past three years. It has been out of line with the market of the Twenty-first Century, paddling against the stream of current business practice.
“Apologies to all the conspiracy theorists out there but this was a cock-up, pure and simple.”