Standard Life boss receives Knighthood

by Gill Montia

Story link: Standard Life boss receives Knighthood

Standard Life’s chief executive, Sandy Crombie, has received a knighthood in the New Year Honours.

The accolade is for services to the insurance industry in Scotland and the 59-year-old Edinburgh-based boss is reported to be delighted and very proud.

The award possibly reflects the fact that despite the credit crisis, Standard Life reported a 51% rise in first-half pre-tax profit during the year.

The group has also stated that the outlook for sales and profitability remain positive, despite difficult market conditions, although in October, Standard Life was forced to join its rivals by cutting final bonus payments on with-profits policies.

Financiers are otherwise conspicuously absent from this year’s Honours list.

However, Nick Macpherson, permanent secretary to the Treasury, has been awarded the status of Knight Commander of the Order of the Bath, for his work in response to the crisis in the financial services industry.

In addition, Clive Maxwell, Director of Financial Stability at HM Treasury, received a CBE.