batteryman15
02 Dec 2016
Endownment policy payout predictions Please can anyone advise on the belowDoes anyone have an estimate of how much Standard Life endowment policies have typically been paying out this year as a % of what the target value was originally estimated to be?It used to be about 65% of the target value including any final bonus? Thanks.
fitcontroller
14 Nov 2016
bad news if this is the bad news bring it on.
sipco
13 Nov 2016
news I hear there is some bad news coming tomorrow,
de profundis
04 Nov 2016
Drip shares Anyone tell me when these are due? Thank
Spain Fund
21 Oct 2016
Dividend re-invested yesterday Onward and upward - 😀
sound money
18 Oct 2016
Re: Told by watchdog to review annuity s... BillFish, Good post. So it's small beer. Still a strong buy IMO. M
BILLFISH
17 Oct 2016
Re: Told by watchdog to review annuity sales Hi SP, Bad day indeed compounded by complete boll*x from Reuters, which unfortunately is increasingly becoming the norm these days."Standard Life said it was not possible to estimate reliably the level of redress it might have to pay as a result of the review, but that it had made a provision in its 2015 accounts for potential customer compensation"A Standard Life said no such thingB Standard Life have made no provision in any accounts for the potential liability arising from this judgement.Standard Life do not exactly cover themselves in glory either by including the following in the RNS"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."The statements from both organisations materially mislead the PI by implying that the liabilities for this judgement have been previously provided for and hence the ongoing cost could be negligible. What Standard Life have done is include in Note 45 a) in last years accounts a notification that a contingent liability may exist without quantifying it "a) Annuity salesFollowing an earlier thematic review which concluded in 2014, the Financial Conduct Authority (FCA) commenced in mid-2015 a sample-based review of non-advised annuity sales from a selection of firms across the industry in which Standard Life has been participating. This review has focussed on processes for identifying and explaining eligibility for enhanced annuity options.The Group has cooperated with the FCA's requests for information and has carried out analysis including an initial sampling of historical sales. We are currently analysing the implications of this sample for relevant components of our annuity population. We do not expect to know the outcome of the FCA's review until later in 2016. The outcome and consequences of our further analysis and the FCA review are uncertain but it is possible that, for relevant components of our annuity population, these consequences could include requirements to compensate customers who could have obtained a more favourable annuity rate. Ahead of Standard Life completing further analysis and learning the outcome of the FCA's review, it is not practicable to determine an estimate of the financial effect of this contingent liability. In addition, it is possible that any financial impact may be mitigated by the Group's professional indemnity insurance."So what is the potential liability to the Standard Life shareholders?The following article provides a basis for a more measured assessment of the potential cost.[link] someone is going to have to listen to 90,000 telephone conversations to work out who qualifies for compensation - that's an exercise that is going to take a wee while. 90,000 potential claims spread over 8 years, average claim between £120 and £240 a year would give a maximum potential liability of £173 million with the most likely somewhere around £65 million, spread over all the firms that are liable.You will note from the timelines of the RNS and the new model adviser that the RNS beat the press to the market by all of 5 minutes, which is shameful in itself, but coming as it does hard on the heels of two institutional downgrades one would have expected something a little better from the current management. A 4pm response to a Friday announcement, not very good, and as for Reuters publishing that drivel just before the market close - that deserves a slap I would suggest.GLABf
Spain Fund
17 Oct 2016
Told by watchdog to review annuity sales Bad day ![link] comment from Legal & General, updates shares)Oct 17 Britain's financial watchdog has asked Standard Life Plc to review whether it gave customers in poor health enough information when it sold them pension products, the insurer said on Monday.The Financial Conduct Authority (FCA) has told the firm to review its sales of annuities sold since July 2008 to see if customers eligible for higher payouts because of a shorter life expectancy were properly informed about their entitlement, Standard Life said in a statement.The request follows an industry wide review by the FCA, which on Friday said that a "small number" of insurance firms could be subject to penalties for their selling practices.Standard Life said it was not possible to estimate reliably the level of redress it might have to pay as a result of the review, but that it had made a provision in its 2015 accounts for potential customer compensation.The FCA said on Friday that while it had found no industry-wide problem of annuity mis-selling, some firms may have to pay compensation to customers who should have been sold a different type of annuity -- a form of pension that pays out until death.In cases where a customer would have been eligible for an "enhanced annuity", lost income ranged from 120 to 240 pounds ($150-300) a year.Standard Life, which has been a participant in FCA's review, said it was possible that the financial impact of any compensation may be mitigated by its professional indemnity insurance.Standard Life's shares closed down 3.7 percent at 330 pence, making it the third worst performer in London's FTSE 100 index.The FCA did not disclose which insurers had taken part in its industrywide review.A spokesman for Legal & General said the firm was "pleased" with the outcome of the review.Aviva and Prudential, two other major providers of annuities, did not respond to a request for comment. (Reporting by Esha Vaish in Bengaluru; and Carolyn Cohn in London; Editing by Rachel Armstrong, Greg Mahlich)
nk1999
15 Oct 2016
Barclays view "Barclays downgrades Standard Life on GARS fund fearsPoor performance from Standard Life’s (SL) flagship £26 billion Global Absolute Return Strategies (GARS) fund has led to Barclays to downgrade the investment and savings group. Analyst Alan Devlin cut his recommendation from ‘equal weight’ to ‘underweight’ and reduced his share price target from 316p to 301p. He said the previous success of the fund, which invests in a wide range of assets and strategies and aims to always deliver a positive return to investors, had worn off.‘Global Absolute Return Strategies (GARS) has been an impressive success story for Standard Life, driving the majority of net inflows for the past six years,’ he said. ‘However, the fund’s performance has been poor over the past 18 months, and this has started to drive outflows...We believe the GARS outflows could persist through the remainder of the year and through 2017, and we reduce our forward estimates for Standard Life by up to 5%,’ said Devlin.Standard Life shares dropped 5.3%, or 18p, to 330.5p.The analyst said Prudential was now his top pick in the sector. Its M&G investment arm had has seen net inflows for the past three months into its flagship Optimal Income bond fund run by Richard Woolnough."From Citywire.
cudntpikmynose
14 Oct 2016
Re: Why the drop? Handbags at 👇
Medway Man
14 Oct 2016
Re: Why the drop? Overslept this morning, so not sure how long they have been reporting it, but on Bloomberg TV they have just ran an article that Theresa May has told Nicola Sturgeon that the result re Scotland remaining in the Union will stand...... they cannot seek a second vote.
Eadwig
14 Oct 2016
Re: Why the drop? There wont be any move toward a vote until after Brexit terms are known, and only then if the free market access is lost. So no immediate danger for a couple of years at least.Sturgeon says a deal like Iceland's would probably be ok. Which means remaining in the single market with no influence over the rules. And paying more to be in it, obviously.Meanwhile SL continue to pay a good yield and crucially have very good foreign currency earnings. Barclays downgrade part of a general move towards being bearish on the FTSE as it nears highs (though I don't know the full details of their wording and reasoning on SL).Safe to hold as far as I am concerned, especially if you have nowhere earmarked for your cash.
parde
13 Oct 2016
Why the drop? Nicola Sturgeon has announced new Scottish Independence Bill.
tejo
13 Oct 2016
why the drop Fed Minutes increase likelihood of rate rise. Similar impact on L and G, Prudential and Aviva
monkikki
13 Oct 2016
Re: Why the drop? No it didn't. I got confused with another share. Sorry.
