Standard Life has suspended Gerry O’Neil, managing director of corporate solutions, and James Verner, sales director at Vebnet, pending further investigation.
The firm says it is unable to disclose the reason for the suspension at this time but adds that O’Neil had been relieved of his role after the launch of Standard Life’s Lifelens platform proposition at the end of February, moving to a role supporting the executive team on a ‘number of initiatives’.
O’Neil joined Standard Life when it bought Vebnet, where he was chief executive, in October 2008.
Stephen Ingledew, former distribution director at Standard Life, has taken over O’Neil’s former role. Ingledew has been with the firm since 2007 and has played a significant role in designing and delivering the transformation across its retail distribution channel.
A spokesperson for Standard Life said: “They have been suspended pending an investigation, and there is nothing more on the issue we can say at this point. The matter does not affect our clients or our operations.”
Gerry O’Neil and James Verner were unable to comment.
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Update on 3 June 2011, comment from Standard Life:
Gerry O’Neill has decided to leave Standard Life to pursue other interests. The recent internal investigation concerning Gerry has now reached a conclusion and Standard Life has decided that no further action will be taken.
We would like to reassure advisers and customers that there has been no impact on our operations as a result of this process and there will be no impact in future.
Update on 7 July 2011, statement from Standard Life:
James Verner has been dismissed by Standard Life following the conclusion of an internal process.
We would like to reassure advisers and customers that there has been no impact on our operations as a result of this process and there will be no impact in the future.
As recently announced, our corporate business will continue to develop under the leadership of Stephen Ingledew.