Here’s how our Independent Oversight Committees, the IGC and SLMTC, are evaluating Standard Life’s response to COVID-19.
IGC commentary on COVID-19 from the March 2020 Annual Report
“At the time of writing (March 2020), the spread of Covid-19 is having significant impacts on financial markets and all aspects of everyday life. The IGC have been briefed on the steps being taken by Standard Life to address these issues:
- We have been assured of Standard Life's continuing financial strength, in large part due to the risk mitigation measures that were already in place.
- We have been very impressed at the speed of planning and implementation of new operational processes, in order that all possible steps are taken to ensure at least the most important needs of customers (particularly the payment of benefits) can be met in even very extreme scenarios of potential Covid-19 impact.
- We have welcomed the articles posted on the Standard Life website to help customers understand some of the things they might want to consider in this period of investment uncertainty. While no-one can tell the extent of the virus, the IGC is confident that Standard Life is as well placed as anyone could expect - if not, better placed - to meet the key needs of customers in the coming months. We wish Standard Life and its customers well through this difficult time."
A letter from the SLMTC board
The board of Standard Life Master Trust Committee want to update members on how they are monitoring and responding to the current situation.Read their letter on COVID-19