Standard Life: Sub-standard

Standard Life will cease to be a mutual when it lists on the stock exchange later this month. But the Scottish life assurer remains a mutual at heart. Its reluctance to change has cost its policyholders, but may be an opportunity for incoming investors. Chief executive Sandy Crombie has worked hard to get Standard ready for the IPO. He has cut back on unprofitable business and sacked 3,500 people. That shocked Standard’s employees, who were used to the well-paid jobs for life that the Edinburgh...