Jill Insley: Standard plays Scrooge with your £290m

Jill Insley: Standard plays Scrooge with your £290m

Standard Life needs to be careful about how it behaves over unclaimed demutualisation shares, or policyholders might start thinking it favours the interests of shareholders over policyholders.

Last week the insurer revealed that 235,000 customers have yet to claim 90 million shares worth some £272m, while a further 20,000 customers need to claim £18m in cash payouts. The insurer also admitted that, rather curiously, it had ended its contract with the Unclaimed Assets Register, an organisation that aims to reunite investors who have moved and not given their insurer their new address with their assets.

An ever-so-caring spokesman was quoted as saying: 'There comes a point where people have to wake up and take action themselves. There is only so much that we can do.'

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Unclaimed shares will be held in a trust set up by Standard Life until July 2016, after which they will possibly be used for 'general corporate purposes' or charitable giving. If you haven't claimed your shares yet, call 0845 275 3000 or email unclaimed_shares@standardlife.com

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