Standard Life plc Annuities Review - Amendment (7474M)
October 17 2016 - 11:27AM
UK Regulatory
TIDMSL.
RNS Number : 7474M
Standard Life plc
17 October 2016
The following amendment(s) have been made to the 'Annuities
Review' announcement released on 17 October 2016 at 16.05 under RNS
No 7452M.
Amendment to Contact Details
The full amended text is shown below.
Thematic review of annuity sales practices
Standard Life plc notes the announcement on 14 October 2016 by
the Financial Conduct Authority ("FCA") concerning its review of
non-advised annuity sales by pension providers. As previously
reported, Standard Life has been a participant in that review.
The FCA looked at whether firms made customers aware of their
potential eligibility for enhanced annuities and whether they
encouraged them to shop around in order to potentially get a higher
income from another provider.
At the request of the FCA, Standard Life will conduct a review
of all non-advised annuity sales from July 2008 to identify whether
our customers received sufficient information about enhanced
annuities to make the right decisions about their purchase. It is
not yet possible to determine a reliable estimate of the quantum of
any redress associated with this process.
Our Annual Report and Accounts 2015 noted a contingent liability
in light of the potential for a requirement to compensate customers
flowing from the FCA's review. It is possible that the financial
impact may be mitigated by our group professional indemnity
insurance.
17 October 2016
For further information please contact:
Institutional Equity
Investors +44 (0) 131 245 8028*
Jakub Rosochowski +44 (0) 7515 298 608
Media +44 (0) 131 245 5307*
Amy Cayzer +44 (0) 771 039 9770
* Calls may be monitored and/or recorded to protect both you and
us and help with our training. Call charges will vary.
Inside Information
Prior to publication, this announcement contained information
treated as inside information for the purposes of the Market Abuse
Regulation which came into effect on 3 July 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEDLFFQBFLFBE
(END) Dow Jones Newswires
October 17, 2016 11:27 ET (15:27 GMT)
Abrdn (LSE:ABDN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Abrdn (LSE:ABDN)
Historical Stock Chart
From Apr 2023 to Apr 2024