Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a532064

Standard Life tries to get its money back over Sterling fiasco

Standard Life (SL.L) is suing 11 insurers for £100 million of losses it incurred mismanaging its Sterling Pension fund.

 
Standard Life tries to get its money back over Sterling fiasco

Standard Life (SL.L) is suing 11 insurers for £100 million of losses it incurred mismanaging its Sterling Pension fund.

The Edinburgh-based insurer has filed court papers demanding professional indemnity insurers cover the £100 million compensation it was forced to pay investors in 2009, according to Bloomberg.

The fund had lost 5% of its value in early 2009 due to its holdings in risky asset-backed securities, despite being marketed as a 'cash' fund. The losses sparked outrage among investors and financial advisers, who said marketing material had been misleading.

Last year the Financial Services Authority fined Standard Life £2.45 million, saying it had misled investors.

Former Standard Life chief executive Sandy Crombie (pictured) admitted in court yesterday marketing literature for the fund had been 'hopelessly inadequate'.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire guide to investment trusts

In association with Aberdeen Asset Management

Fund managers from Standard Life Investments quizzed on investment trusts


What can SLI bring to the table for those who want to put their money into investment trusts?

More about this:

Look up the shares

  • Standard Life PLC (SL.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

More from us

What others are saying

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Read more...

4 reasons why savings rates aren't rising

by Michelle McGagh on Aug 29, 2014 at 15:13

Sorry, this link is not
quite ready yet