Standard Life comes under more pressure

THE board of Standard Life, the troubled mutual seeking a flotation in 2006, is under assault from rebel policyholders.

One emerging opponent is the web-based policyholder group Standardlifepolicyholders.com. It caused shockwaves at the company's Edinburgh headquarters on Friday by placing an advertisement in a national daily newspaper framed as a letter to Standard's boss Sandy Crombie. It congratulated him for 'putting the company back on track', but sternly warned against cutting policyholders' bonuses to make the company appear more attractive at flotation.

Standard will announce 2005's bonuses on Tuesday and payouts are expected to be reduced by up to 10%.

Crombie's second and potentially more threatening opponent is former banker Michael Hogan, who is launching an organised campaign to stand as an independent nonexecutive director.