Strategy
Standard Life International Closes Middle East Office
Standard Life International, part of the Standard Life group, is closing its Dubai office at the end of January 2015 following changes in the regulatory landscape and resulting business environment.
Standard Life
International, part of the Standard Life group, is closing
its Dubai office at the end of January 2015 following changes in
the regulatory landscape and resulting business environment.
The firm said in statement that nine roles will be made
redundant, including Middle East chief executive Chris
Divito.
Sandy Begbie, chief operations officer at Standard Life, said that as a result of regulation changes in the UAE the business in Dubai could “no longer offer shareholders and customers long-term sustainable value”.
“We will be contacting all of our customers with an in-force plan to offer them a closure value, which will include an enhancement. We feel this demonstrates Standard Life’s commitment to do what is fair and right for our customers," said Begbie.
Earlier this year, the UAE Insurance Authority issued guidelines on how brokers should work with providers on the distribution of products, including restricting business with those providers who are regulated by other authorities.