Standard Life has set out contingency plans if Scotland votes in favour of independence, including establishing new registered companies south of the border.
The Edinburgh-based insurer has been outspoken about the uncertainty a Yes vote will create for the financial services sector, with issues including currency, EU membership, tax and regulation still to be resolved ahead of the referendum on 18 September.
Standard Life chief executive David Nish has today detailed the preparations the firm has made ahead of the vote.
He says: “In view of the uncertainty around Scotland’s constitutional future, we have put in place precautionary measures which would help enable us to provide customers with continuity.
“This includes planning for new regulated companies in England to which we could transfer parts of our business if there was a need to do so.”
Nish says the transfer of business could potentially include pensions, investments and other long-term savings held by UK customers.
He says the provider’s key aims are to ensure:
- All transactions with customers outside of Scotland continue to be in sterling (money paid in and money paid out)
- All customers outside of Scotland continue to be part of the UK tax regime
- All customers outside of Scotland continue to be covered by existing consumer protection and regulatory arrangements e.g. the Financial Services Compensation Scheme and Financial Conduct Authority.
Nish says Standard Life will continue to be listed on the London Stock Exchange and there will be no change to the way in which share dividends are paid to shareholders.