Standard Life Chief Exec gets Knighted
Standard Life’s Chief Executive Sandy Crombie has been awarded a knighthood in this years New Years Honours list although there’s no mention of any honours for Standard Life’s with profits customers.
The award is for “services to the insurance industry in Scotland“. Perhaps Standard Life’s 51 percent rise in first-half pre-tax profit during the year contributed. More cynical observers may wonder if it’s due to Mr Crombie’s efforts to help the authorities support a fragile banking sector. Even when one of these efforts, the support of Bradford & Bingley’s rights issue, handed policyholders major losses.
Those not mentioned in the latest New Years Honours List include more than 50 percent of Standard Life endowment mortgage holders facing a shortfall, those facing a 13 percent cut in payouts on with-profits savings policies and all those trembling in front of 30 percent exit penalties.
