With cuts in with profits bonuses and rumours of fat cat bonus payments, Standard Life is again in the news. This time asking for a solvency waiver from the industry regulator, the Financial Services Authority. Standard is believed to be concerned with a recent fall in sales and are said to be 'running out of options'.
The company has publicly stated its intention to remain in equity investments, despite other companies significantly reducing their exposure in an attempt to reduce the risk and volatility involved for customers.
Standard Life have been allowed to use future profits in their accounts which are due to be published in March which will obviously make them look more rosy. It is also rumoured that the insurer had also previously denied asking for a waiver.
The Group Finance Director for Standard Life is John Hylands. He said: "we are extremely strong and are able to withstand a very considerable stockmarket fall, even from current depressed levels"