Industry should applaud new moral stance

Standard Life's decision to pay out close to £100m in compensation to investors in its sterling depo...

Standard Life's decision to pay out close to £100m in compensation to investors in its sterling deposit fund is to be applauded. Standard may well be able to argue the fine print of its product documentation allowed it to vary the underlying portfolio of the fund to higher-yielding near cash instruments. But the expectation of many investors in this fund was that it was a 'cash' product and what the average investors understands by cash and what Standard Life meant by cash in this instance was different. The fundamental principle of TCF is outcome. Does the investor get what they expe...