Standard Life pulls in raft of advisers
TROUBLED insurer Standard Life has appointed a battalion of highly-paid advisers to conduct a strategic review expected to lead to a stock market float.
Investment bank Lazard and consultants McKinsey join its existing team of advisers. The cost - ultimately paid by policyholders - will run into millions of pounds.
Edinburgh-based Standard had to abandon its commitment to mutuality last month amid concerns over regulatory solvency.
Other advisers include lawyers Clifford Chance and actuaries Watson Wyatt.
Standard will update policyholders on the review at its annual meeting in April and will report its conclusions in the summer.
Separately, the insurer is believed to be hiring accountants Deloitte & Touche to carry out an independent investigation into its figures at the behest of the Financial Services Authority. This review is likely to remain secret.
