Policyholders must await Standard Life windfall

IRISH Standard Life policyholders, set for a windfall of up to €150 million following the planned flotation of the assurance company, may have to wait until 2007, as negotiations with the Financial Services Authority (FSA) continue.

Reports yesterday said the planned flotation of Standard Life, which will affect around 100,000 Irish policyholders, could be set back because the FSA wants to be reassured on the position of policyholders who will receive only 40% to 60% of the top-ups they had been counting on, when their endowment policies mature after the end of this year.

Last year Standard Life announced it was unable to fulfil its mortgage promise to 600,000 holders of endowment policies.