SESAME, THE IFA NETWORK, has made the national press this morning, after announcing to the Daily Telegraph it would no longer be selling Standard Life with-profits products.
Staff at Sesame told the Telegraph the decision was taken in light of a ratings downgrade by ratings agency Standard & Poor's, and would only reconsider once Standard Life has presented its strategic review. Mark Peters, head of research for Sesame, is quoted as saying: "We have a financial strength requirement for our panel of recommended providers of with-profits policies. It requires them to have a credit rating of AA. Standard Life has been taken off the panel because its credit was downgraded to single A plus." ABERDEEN Asset Management lost the first of three FOS test cases brou...
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