Standard Life is blaming IFAs for the loss of client money held in its controversial Sterling Pension fund, advisers claim.
According to IFA Helm Godfrey, the life assurer has been telling clients their adviser should have informed them the vehicle was not a cash fund at the time of investment. However, factsheets issued as recently as July 2007 showed the £2.4bn fund, which lost 5% of its value as a result of market volatility, had, at times, invested entirely in cash. Daphne Schogger, compliance manager at Helm Godfrey, says one of her clients telephoned Standard Life after discovering they would not be compensated for their £3,000 investment in the fund. In a letter to Helm Godfrey seen by IFAonline, th...
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