Standard Life, Europe's biggest mutual life assurer, yesterday announced a decisive victory over demutualisation campaigners but only after being subjected to fierce criticism by some policyholders.

Only 45.7 per cent of the 1.1 million members who voted - including 70,000 in Ireland, supported demutualisation far short of the 75 per cent required for success by Fred Woollard, the carpetbagger who spearheaded the campaign.

Mr Scott Bell, Standard Life's group managing director, said he hoped this rejection of demutualisation, which would have given members windfalls worth thousands of pounds, would be a turning-point for the principle of mutuality.

Mr Woollard immediately confirmed his earlier promise to abandon his campaign and walk away from Standard Life.