Due to a bug hitting the Standard Life's pricing and administration system the company has been forced to correct thousands of portfolios of its customers.
London (Online Unsecured Loans) July 29, 2008: Standard Life has been forced to start correcting portfolios of 35000 of its customers. The process was necessitated after some malfunctioning in the 'internal pricing and administration platform' caused errors in the facts about numerous pensions and investment funds.
Many customers, who did money transactions in and out of the Standard Life investment, were underpaid once the error was noticed. They have, however, been sent a notice in this regard; and those whose underpayment exceeded 10 pounds have been compensated. Although the company was not able to specify the exact number of customers who suffered on account of the system failure, but the company sources maintain that the number is small, and majority had been underpaid by only small amounts.
Luckily majority of the customers did not bear a significant loss—for the bug was an internal one—and around 99.5 percent of the records have already been remedied. As far as those customers who have not yet been notified are concerned, they will be intimated by the next couple of months. According to the Standard Life's sources the error was not spotted till many months ago. The company however ensured that it will take care of all the preventive measures to help avoid all such mishaps in the future.
“We are aware that errors with unit pricing can impact both intermediary and customer confidence and want to reassure our customers that we have put in place further quality assurance controls and we are continuing to review our processes to significantly reduce the likelihood of this happening again,' the spokesperson from the company said.
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