Standard Life
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| 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)[1] |
| Operating income | £425 million (2010)[1] |
| Net income | £336 million (2010)[1] |
| Employees | 10,500 (2007)[2] |
| 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.
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History
The Standard Life Assurance Company was established in 1825 and was reincorporated as a mutual assurance company in 1925.[3]
During the 19th century it opened offices in Canada, India, Shanghai and Uruguay.[3]
In 2006 demutualisation took place and the company was floated on the London Stock Exchange.[4]
The company sold Standard Life Bank plc to Barclays plc in January 2010[5] and then acquired the remaining 75 per cent stake in Threesixty, a financial advisory support business, that it did not already own for an undisclosed sum in March 2010.[6]
It sold its healthcare division to Discovery Holdings, a South African business, in May 2010[7] and went on to buy Focus Solutions Group, a financial software company, for £42m in December 2010.[8]
Operations
The company operates in North America, Europe, India and China: it has a large operation in Scotland where it employs some 6,000 staff.[9]
Controversy
Standard Life has been the subject of a number of controversies in recent years.
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.[10]
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.[11]
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.[2] 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.[12][dead link] A Standard Life spokesman defended the awards, citing the leadership's efforts in turning round the company's fortunes.[12][dead link]
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.[13][dead link] The company pledged to step up security procedures after the error. No action was taken by the FSA.[13]
References
- ^ a b c "Preliminary Results 2010" (PDF). http://ukgroup.standardlife.com/content/news/new_articles/2011/preliminary_results2010.xml. Retrieved 19 April 2011.
- ^ a b Standard Life in bid to axe 1,000 jobs Evening Times, 23 March 2007
- ^ a b Standard Life history: One of the first Empire builders The Scotsman, 2 September 2010
- ^ Standard Life policyholders rush to cash in on flotation The Guardian, 24 September 2006
- ^ Barclays buys Standard Life Bank for £226m Daily Telegraph, 26 October 2009
- ^ Standard Life takes full control of Threesixty The Scotsman, 15 March 2010
- ^ Standard Life sells healthcare division BBC News, 11 May 2010
- ^ Standard Life buys Focus for £42m BBC News, 7 December 2010
- ^ Submission to Scottish Parliament
- ^ Richard Dyson, Mail on Sunday29 January 2006, 12:00 am (29 January 2006). "Is Standard Life fighting fair?". Thisismoney.co.uk. http://www.thisismoney.co.uk/news/article.html?in_article_id=406573&in_page_id=2. Retrieved 19 April 2011.
- ^ Hardie, Alison. ""Standard Life boss says 'I'm so sorry' over racist remark"". Thescotsman.scotsman.com. http://thescotsman.scotsman.com/scotland/Standard-Life-boss-says-Im.3341371.jp. Retrieved 19 April 2011.
- ^ a b "Fury at £5m for Standard Life bosses". Edinburghnews.scotsman.com. http://edinburghnews.scotsman.com/index.cfm?id=615772007. Retrieved 19 April 2011.
- ^ a b "Identity theft fears after SL letters blunder". Edinburghnews.scotsman.com. http://edinburghnews.scotsman.com/uk.cfm?id=718752007. Retrieved 19 April 2011.
External links
Coordinates: 55°56′54″N 3°12′26″W / 55.948312°N 3.207092°W
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