Standard Life Investments (SLI) could move part of its business to England if Scotland votes in favour of independence.
Standard Life today revealed that it had started planning for “new regulated companies” in England to which it could transfer part of its investment business (SLI), as well as some of its pensions and savings arm “if there was a need to do so”.
The aim of the contingency plans is to make sure there is as little disruption to customers in the rest of the UK, outside of Scotland.
The transfer would be designed to make sure customers in the rest of the UK continue to be covered by the existing tax regime, all business would continue to be done in sterling and customers would have access to existing UK customer protection.
The firm said it was proud of its long history and heritage in Scotland but said its “responsibility is to protect the interests of our customers, our shareholders, our people and other stakeholders in our business”.
Standard Life’s plans come as asset managers, investors and pension savers begin to pull money out of Scotland, according to a report from the Financial Times.
The report said investors were pulling cash out of Scottish accounts due to concerns about the financial consequences of Scotland voting for independence.
