IFAs should not recommend putting clients into Standard Life with-profits products until the issue of the FSA investigation into its financial strength calculations has been resolved, says Wentworth Rose managing director Philip Rose.
Rose says IFAs should beware a repeat of the Equitable Life situation where clients continued to go into the life office after initial solvency warnings had been raised.
Rose says: “This is the worst of all possible situations, with Standard saying there is an FSA investigation but it is OK to carry on doing business. If there is a problem then the FSA has a duty to say something. This needs a speedy resolution.”