Aegon has joined the Scottish independence contingency planning announcement spree by confirming that it will establishing a new registered life company in England, should Scots vote for independence this time next week.
Adrian Grace, chief executive at Aegon, stated that while there will be no immediate impact for customers, the firm has developed plans to be put into action at the appropriate time.
“This includes establishing a new registered life company in England to complement our existing Scottish and English registered companies.”
The Edinburgh-based asset manager and insurer explained that policies for non-Scottish customers will continue to be in sterling and it will support any different currency for Scottish-based customers.
“Customers outside of Scotland will continue to be subject to the UK tax regime and will continue to be covered by current regulatory and consumer protection arrangements. The Scottish government has stated it will put in place similar regulations and protection for Scottish customers.
Mr Grace said: “Aegon operates in 22 countries and manages €503bn of customer assets and we will continue to provide services throughout the UK, including in an independent Scotland if that is the outcome.
“While the value of stocks and shares in the UK and possibly beyond might be affected by Scottish independence, there will be no different or additional impact on investments as a result of them being associated with a Scotland based life company, fund or fund manager.
“Any changes as a result of Scottish independence won’t happen overnight and we will continue to provide regular updates for customers through email and on our website.”
Today (11 September), Clydesdale confirmed its contingency plans, following the Royal Bank of Scotland, Lloyds Banking Group and Standard Life’s statements on re-domiciling if there is a yes vote next Thursday.
