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| ==History== | ==History== | ||
| The Standard Life Assurance Company ("Standard Life") was established in 1825 and the first Standard Life Assurance Company Act was passed by Parliament in 1832. | The Standard Life Assurance Company ("Standard Life") was established in 1825 and the first Standard Life Assurance Company Act was passed by Parliament in 1832. Standard Life was reincorporated as a mutual assurance company in 1925. | ||
| The Standard Life group originally operated only through branches or agencies of the mutual company in the United Kingdom and certain other countries. Its Canadian branch was founded in 1833 and its Irish operations in 1838. This largely remained the structure of the group until 1996, when it opened a branch in ], ] with the aim of exporting its UK life assurance and pensions operating model to capitalise on the opportunities presented by EC Directive 92/96/EEC (the “Third Life Directive”) and offer a product range in that market with features which local providers were unable to offer. In the 1990s, the group also sought to diversify its operations into areas which complemented its core life assurance and pensions business, with the intention of positioning itself as a broad range financial services provider. | |||
| In 2006, Standard Life's members voted for the demutualisation of The Standard Life Assurance Company and Standard Life plc was floated on the London Stock Exchange. | |||
| Standard Life sold Standard Life Bank plc to Barclays plc in October 2009. The sale completed on 1 January 2010. | |||
| ==Operations== | ==Operations== | ||
Revision as of 15:25, 22 April 2011
See also: Standard Life (Canada)| File:Standard Life.svg | |
| Company type | Public company |
|---|---|
| Traded as | LSE: SL. |
| Industry | Financial services |
| Founded | 1825 |
| Headquarters | Edinburgh, Scotland, UK |
| Key people | David Nish, CEO Gerry Grimstone, Chairman Keith Skeoch, CEO Standard Life Investments and Jackie Hunt, Group Finance Director |
| Revenue | £1,501 million (2010) |
| Operating income | £425 million (2010) |
| Net income | £336 million (2010) |
| Number of employees | 10,000 |
| Parent | Phoenix Group  |
| Website | www.standardlife.com |
Standard Life plc (LSE: SL.) is a long term savings and investment business, with headquarters in Edinburgh and operations across the globe. It has 1.5 million shareholders in more than 50 countries and over 6 million customers.
History
The Standard Life Assurance Company ("Standard Life") was established in 1825 and the first Standard Life Assurance Company Act was passed by Parliament in 1832. Standard Life was reincorporated as a mutual assurance company in 1925.
The Standard Life group originally operated only through branches or agencies of the mutual company in the United Kingdom and certain other countries. Its Canadian branch was founded in 1833 and its Irish operations in 1838. This largely remained the structure of the group until 1996, when it opened a branch in Frankfurt, Germany with the aim of exporting its UK life assurance and pensions operating model to capitalise on the opportunities presented by EC Directive 92/96/EEC (the “Third Life Directive”) and offer a product range in that market with features which local providers were unable to offer. In the 1990s, the group also sought to diversify its operations into areas which complemented its core life assurance and pensions business, with the intention of positioning itself as a broad range financial services provider.
In 2006, Standard Life's members voted for the demutualisation of The Standard Life Assurance Company and Standard Life plc was floated on the London Stock Exchange.
Standard Life sold Standard Life Bank plc to Barclays plc in October 2009. The sale completed on 1 January 2010.
Operations
Controversy
Smear campaign
In January 2006, Standard Life were accused of smearing a policy-holder, Michael Hogan, who was not happy with the way the company was being run. An e-mail sent to Standard Life executives and advisors (which was disclosed under the Data Protection Act) revealed an attempt to discredit him.
Racism
In January 2007, the head of Standard Life's life and pensions business, Trevor Matthews, used the phrase "nigger in the woodpile" while giving a presentation at one of the company's Edinburgh offices. After issuing an apology, Mr Matthews remained in his job and no disciplinary action was taken.
Job cuts
In March 2007 the company announced it would cut 1,000 jobs in an attempt to save an additional £100 million per year in costs. One month later it was highlighted in the company's annual report that three of Standard Life's top executives (Sandy Crombie, Keith Skeoch and Trevor Matthews) were awarded more than £5 million in pay. A Standard Life spokesman defended the awards, citing the leadership's efforts in turning round the company's fortunes.
Data loss
In May 2007, Standard Life sent some policy documents out to the wrong customers. Around 300 people had their personal and financial details made public, causing fears of identity theft. The company pledged to step up security procedures after the error. No action was taken by the FSA.
References
- ^ "Preliminary Results 2010" (PDF). Retrieved 19 April 2011.
- ^ Standard Life to axe 1,000 jobs
- Richard Dyson, Mail on Sunday29 January 2006, 12:00 am (29 January 2006). "Is Standard Life fighting fair?". Thisismoney.co.uk. Retrieved 19 April 2011.
{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link) - Hardie, Alison. ""Standard Life boss says 'I'm so sorry' over racist remark"". Thescotsman.scotsman.com. Retrieved 19 April 2011.
- ^ "Fury at £5m for Standard Life bosses". Edinburghnews.scotsman.com. Retrieved 19 April 2011.
- ^ "Identity theft fears after SL letters blunder". Edinburghnews.scotsman.com. Retrieved 19 April 2011.
External links
55°56′54″N 3°12′26″W / 55.948312°N 3.207092°W / 55.948312; -3.207092
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