Crombie praises 'prompt action' on Standard Life Sterling fund

In the group's Q1 results announcement, Crombie says the insurer's sales had been hit by the devaluation of the fund which contributed to UK life and pensions sales falling 27% for the quarter to £2.5bn, compared to £3.4bn in Q1 2008. The group injected £102m into the Sterling fund in mid-February but IFAs criticised the time it had taken for Standard Life to make a decision on the future of the fund. However, Standard Life says despite significantly reduced sales levels until mid-February, the group had managed to repair its relationship with IFAs quickly which fed through to core prod...