Jonny Maxwell, chief executive of UK insurer Standard Life Investments' private equity funds of funds manager, has left after failing to buy the division.

Maxwell had spent 17 years at Standard Life and will be internally replaced by David Currie. Peter McKellar has been promoted to chief investment officer at the fund of funds.

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The regulator said it is concerned that the part of the market that allows people to pay for insurance in installments might not be providing fair value to more than 20 million customers.

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Jonny Maxwell walks from Standard Life

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