Insurance companies remain the target for investors hoping to yield a free shares windfall if they convert to public companies. The imminent flotation of First National Building Society and Canada Life has sent many investors into a frenzy looking for the next target.

This week both Standard Life and Scottish Provident have been almost overwhelmed with queries from people trying to buy policies in the hope that they will eventually entitle them to free shares.

To quell the demand both have raised their minimum basic premium rates on savings plans. Scottish Provident has raised its premiums from £25 a month to £60 and Standard Life has increased its monthly premiums from £10 to £50.

Scottish Provident has once again stated that it firmly wishes to remain as a mutual, and investors should consider that even if it were to change its mind, it is still a relatively small company and any potential windfall to customers would also be small. While Standard Life is a substantially bigger company, it insists that such a move would not be in the best interests of its customers.