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But investors with a particular policy (with a "with profits" policy, I think he said, but I didn't catch the detail) will qualify for full compensation.
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Only the 2.6 million customers with some type of with-profits policy.
If you cash in your with-profits policy now, you could miss out on a windfall.
It does not matter if it is a traditional with-profits policy or one of the newer-style unitised plans.
The with-profits policy, a mainstay of the life-insurance industry, is especially opaque, says the review.From the diagnosis follows the cure.
The windfalls will be largest for people who took out a with-profits policy a long time ago and have invested significant sums in it since then.
See without-profits policy, institutional investor, guaranteed annuity rate, sipps, occupational pension scheme, stakeholder pension, allocation rate, final salary pension scheme, annuity.
In recent weeks Standard has parted company with chief executive Iain Lumsden, been attacked by Treasury select committee MPs, announced a fresh round of cuts to with-profits policy payouts and bonuses, and sold about £7.5bn of its shares to bolster its capital position.
He said the for-profit policy had been tried in schools in Sweden and resulted in money being diverted from classrooms.
He has advised governments and ministers around the world, most recently through his Berlin-based not-for-profit policy institute, Climate Analytics.
Some say that it was successful but managers, living up to non-profit policy, were diverting some of the income to other communistic activities.
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