Standard Life Ignore Policy Holders
Standard Life treated their endowment policy holders with contempt today, at its first annual general meeting.
Standard Life faced repeated calls to specify the aggregate level of the shortfall on endowment policies, which they refused to reveal.
Sandy Crombie, the Group CEO, admitted that shortfalls on endowments exceeded the staggering figure of £1.3BN that the insurer had identified in its now-closed Heritage with profits fund.
However, the company didn't make any firm pledge to calculate the overall shortfalls faced by policyholders.
Seemingly the expectations of policy holders are, in the words of outgoing chairman Brian Stewart "unreasonable".
"We cannot generate money that is not there. We are trying exceptionally hard to make sure the fund continues to perform for those who are invested in it."
Hardly much comfort for the hapless policy holders.
Why not come clean with them?