Thursday, February 12, 2009

Standard Life to repay clients

Standard Life is to reimburse 97,000 customers who lost 5% of their money when the value of its Pension Sterling Fund, worth £2.1bn, was cut last month. Story.
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4 comments:

Anonymous said...

In Singapore the insurers would deny responsibility and miss-selling.
Consumers have to be careful and vigilant whenever insurers cut or manipulate the bonus structure. It is a sign that something is wrong. No one will temper with a structure that is already working fine.
Since MAS is not a watchdog consumer have to undertake this task themselves .
With FISCA consumers can also look to it for help.

February 12, 2009 8:52 AM
Anonymous said...

I guess people in Singapore have to go to court to enforce the "Standard". I doubt FIs will compensate their customers although evidence clearly shown that they have misled their customers.

February 12, 2009 9:29 AM
Anonymous said...

Reading this I am reminded of RBS's (ABN AMRO)marketing brochure for the Minibond - totally misleading. "Having conducted our own review of the literature for the Pension Sterling Fund and listened carefully to what customers and advisers have been saying to us, it is clear that many people were not fully aware of the nature of the fund," Standard Life said". I wonder if MAS is aware of what is happening in Standard Life and Hong Kong where full refunds are made? Shouldn't they investigate further rather than just do nothing?

February 12, 2009 10:09 AM
Anonymous said...

If MAS is serious to enforce the laws I am sure they can catch a few insurers that flouted the laws.
Strangely MAS is not a regulator but a facilitator for the FIs.

February 12, 2009 1:11 PM

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