Are Standard Life crooks?

[Gromit]

Standard Life investors are demanding compensation after being told that the company's "cash fund" has plummeted in value because the insurer invested in toxic mortgage debt.

Nearly 100,000 investors have their pension savings in Standard Life's �2.4bn Sterling Fund, which was, until September last year, the company's only cash option for those seeking refuge from volatile stock markets.

Ian Middleton, another Standard Life investor who has seen his pension dwindle, said: "The paperwork I received from Standard Life in September last year states that this fund is invested wholly in cash, the most stable investment. I notice now that Standard Life's website describes this fund as only being 12pc in cash and the rest split between various financial instruments, but it still carries the risk rating of '1', Standard Life's lowest rating. If this is not a case of mis-selling, I don't know what is."

http://www.telegraph.co.uk/finance/personalfin ance/investing/4304728/Standard-Life-investors -demand-compensation-after-cash-fund-invests-i n-toxic-debt.html

[Hotlardlife]

All Pension and Insurance companies are crooks.

I know - I have worked for quite a few major ones.

[frodsham]

In 1990 my wife and I were mis-sold an endownment mortgage with the halifax linked in with standard life. I was promised that after 10 years It would more than likely have made great profits and we would be able to pay off our mortage and receive good profits. Guess what? in 2000 I received a lump sum from work because of ill health, I went to pay off our mortgage, it was exactly the same figure as it was 10 years previous. In other words although I had been paying into the halifax and standard life for 10 years the loan had never reduced. All I received from standard life were profits of about �500. So my retirement package was swallowed up by what I believe to be sharks.
I contacted the FSA who were a complete waste of time I spoke in depth to Standard life who had the audacity to compliment me for paying off my mortage with my lump sum. I wouldn't touch endowment mortgages or the like ever again.