Standard Life is closing four products to new investment, citing lack of investor demand and unwarra...
Standard Life is closing four products to new investment, citing lack of investor demand and unwarranted costs of preparing them for the ABI's Raising Standards accreditation.
The firm ceased providing quotes on its Capital and Income Plan, a combined unitised endowment plan and annuity product, and its Duet product, a combined capital investment bond and annuity product, on 16 May.
The Conventional Endowment Savings plan has also been closed and all three vehicles will no longer accept new business after 17 June, once pipeline applications have been processed. Top-ups from existing investors will cease being accepted from 16 June. The VIP Endowment Savings Plan is to be retained.
In addition, the Retail Price Index-linked version of Standard Life's Guaranteed Bond will be closed at the end of the month. The FTSE 100-linked and Growth versions of the guaranteed bond will remain open.
Gerry McGrath, product manager for savings and investment products at Standard Life, said the products are no longer popular with investors and therefore not worth the expense of reconfiguring them to comply with the ABI's Raising Standards requirements in time for the September 2004 accreditation deadline.
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