Standard Life IPO plans on track; talks with FSA progressing |
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Published
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Tue, 11 Oct 2005 16:05
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LONDON: Europe’s biggest mutual life insurer, Standard life said it was discussing complaints regarding its endowment policies with the Financial Services Authority (FSA) and that it will go ahead with plans for an IPO in mid-2006.
An article in the Financial Times raised concerns that the insurer’s continuing talks with the regulator might result in the IPO being postponed. The regulator had asked Standard for its statement on the position of endowment policy holders.
The regulator had questioned Standard regarding its failure to fulfil mortgage promises to its 600,000 endowment policy holders, despite assurances a year ago.
The insurer sought to reassure the FSA as well as its own members and customers that there was no cause for concern as the company has a “strict focus to keep the regulator fully informed” a Standard Life spokesperson said.
In a formal statement, the insurer ruled out any possibility of a delay for the IPO, saying if there was anything “different to communicate from existing expectations they would have been obliged to do so”.
The spokesperson said the board planned to give the mid-2006 flotation the go ahead when they meet later this month.
The board’s suggestion would still need a 75 percent vote from members before the flotation.
When listed, Standard Life would be worth over £4 billion, making it one of the largest IPOs in recent years in the UK.
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