Standard chief asks advisers to 'bear with us' on Sterling Fund

Standard Life chief executive Sandy Crombie is emailing advisers this afternoon asking them to be patient over the company's plans to deal with its troubled Sterling money market pension fund.

In the email Crombie reiterates that wants to 'remediate' customers who bought into the fund between 23 December and 13 January but says the process has been complicated.

He said: 'As the process is complicated, it is taking longer than I would have liked, but I hope to be able to provide a firm update within the next week or two. I would ask that you bear with us in the meantime.

He added that he was also aware of other concerns over the fund, including the failure of the company to notify advisers of the asset-backed securities held by the fund until January this year.

'I am also aware that a number of advisers and customers have raised concerns about some items of literature,' said Crombie. 'I can assure you we take these concerns very seriously and if anyone feels they have grounds for complaint, they should contact us through the normal complaints procedure.'

Crombie ended by telling advisers 'thanks for your patience.'