Standard Life shares had a rocky time yesterday after brokers raised doubts about the company's strategy and its ability to continue taking large amounts of pensions business.

Reports that the Financial Services Authority was looking at the issuing of price sensitive information during the takeover of Resolution, in which Standard Life lost to Pearl, added to the worries.

Its shares were down 6% at one point, eventually closing down 9p, or 3.49%, at 249p. This was worse than the wider European insurance sector, which finished the day down 2.35%.

Analysts are now looking to Standard Life's new business sales update due on January 30, which will be followed by its full results on March 12, for signs that the company is continuing to produce the growth it has shown since listing in July 2006.

UBS cut its rating on the stock from buy to neutral claiming that its failed offer for Resolution "raised a number of questions". It rated them a buy barely three weeks ago.

Shane Gallagher of HSBC was less concerned that the aborted takeover attempt highlighted "cracks" in Standard Life's cashflow.

But he is worried about the sustainability of its sales of self-invested personal pensions (Sipps).

Standard Life reported unexpectedly poor sales of insured Sipps in the third quarter of the year, down 11% on the prior year, after previous rapid expansion.

Sipp sales are important for Standard Life having formed the core of its move away from capital-intensive products.

However, Gallagher said the slump could be "a signal of lower sales growth to come" and said its Sipp sales are growing slower than the market which is itself slowing sharply.

"With the impact of last year's pension simplification (A-day) finally fading, increased competition and turbulent markets, we believe we may have seen the end of SL's strong sales growth," he added.