Standard Life has pledged to maximise profits for members in the run up to demutualisation, after a series of damaging reports. The news follows reports that with-profits policyholders may have lost up to £1 billion because of Standard Life's previous investment strategies.
Standard Life has not said exactly how much the investment choices have cost customers, but they believe that the entire focus of the business is to maximise value for its members. The company's bid to demutualise has yet to be approved by the Financial Services Authority and the Scottish Court of Session, although the board has indicated that they will pursue plc status.
Our view
Difficult to see where the money will come from to boost lost profits. Search the news archive for Standard Life stories.