EDINBURGH-BASED mutual Standard Life was yesterday dealt another harsh blow by the Scottish arm of one of the UK's largest IFAs after it announced it will not resurrect its relationship with the firm.
The Scotsman reports that Charcol Aitchison & Colegrave, a division of Bradford & Bingley, said it has no plans to rekindle its relationship with the mutual’s £31bn with-profits fund, with which it suspended new business trading in January. Speaking to the paper yesterday, the IFA’s investment director David Thomson confirmed the position: "The situation remains pretty much the same." He added that Standard Life’s announcement last week of a possible demutualisation in 2006 was no surprise. Charcol's decision leaves Standard Life about £200m out-of pocket annually, the paper writes. ...
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