Standard Life "Merely Following Orders"
It seems that Standard Life is getting rather a rough press these days, over its endowment policies.
Standard Life is now facing calls to compensate up to 100,000 mortgage endowment holders, for failing to disclose the full extent of charges levied on their endowment policies.
The hapless holders of their Homeplan policies are now facing 12% shortfall on their policies, because of a charging discrepancy.
Which? is leading the calls to compensate victims of this debacle; other companies (Norwich Union, L&G, Scottish Widows and Axa) which sold policies, with similar charging structures, have topped up their own clients' investments.
Standard Life used "standard charge projections", specified by the regulator, to calculate its premiums. However, the actual charges were up to 10% higher.
Standard Life claim that they have done nothing wrong.
A spokesman said that they were merely following industry guidelines at the time.
Doesn't that, "merely following orders", have a familiar ring to it?