BusinessBusiness RecoveryStandard Life accounts to be scrutinised by FSA

Standard Life accounts to be scrutinised by FSA

Troubled insurer Standard Life is to have its accounts investigated by the Financial Services Authority as the mutual struggles to come to terms with the regulator's solvency rules.

Bold: FSA executive to join FRC

The move was decided upon after talks between the two concluded yesterday, following Standard Life’s announcement of a significant divergence in its calculation of liabilities.

The body has warned policyholders of more cuts to the maturity value after promising the FSA that it would boost it reserves in order to balance against the likely cost of guarantees.

In a statement the FSA said it was to commission a review by independent experts into the origins and implications into the divergent calculations in liabilities on outstanding policies. It will also review the impact on policyholders of the new measures proposed by Standard Life.

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