Mrs C A Travell

Manager

Consumer Contact Centre

Regulatory Service Business Unit

FSA

25 The North Colonnade

Canary Wharf

London

E14 5HS

Dear Mrs Travell,

Thank you very much for your letter reference

I note from your fourth paragraph that you do not become involved in the daily running of insurance companies.

Can I be assured by you then that it was not the Financial Services Authority that instructed Standard Life to move a substantial amount of their equity holdings into bonds just as equities rose and bonds collapsed. Was that just press speculation?

I would be very interested in your reply.

Thank you in anticipation,

Yours sincerely,