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Scottish Widows transfers business to London

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Scottish Widows has transferred its life insurance business away from Edinburgh to London.

The Sunday Times reports that billions of pounds in life insurance business at Scottish Widows has been moved to London, marking the end of its 200 years of Scottish registration.

The move was effective from the end of 2015. The business will be registered at 25 Gresham Street in London, Lloyds’ head office.

However, Widows will retain its Edinburgh headquarters.

A Scottish Widows spokesperson said: “The purpose was to simplify the structure of the insurance business, which will make us more efficient, ease regulatory reporting requirements and help the group make better use of our resources including capital. There will be no impact on colleagues or customers.

“Lloyds Banking Group has a very clear strategy which includes becoming a simpler and more efficient business which delivers sustainable growth. This is a standard legal and regulatory process that has been carried out previously in other parts of Lloyds Banking Group.

“The parent company, Scottish Widows Group Limited, continues to be registered in Scotland.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Will they now be called English Widows???

  2. Has anyone mentioned this to the SNP as they said it was scare stories during the referendum.

    Will Standard Life consider the same if Referendum mark 2 is launched? Interesting times ahead.

  3. Just the start of mass business migration from Scotland under the threat of ‘King Alex’ and ‘Queen Nicola’

  4. Just a year and a half ago, I remember big financial institutions queuing up to tell the people of Scotland that if they voted YES – they would relocate. Pure and simple. The people went out and voted NO and now Scottish Widows (Protection) have decided to relocate just the same. I could be wrong but I think it is the thin edge of the wedge. I wonder what lies are to be expected when the BREXIT circus really gets into top gear.

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