IFoA publishes paper considering challenges facing financial services in an independent Scotland

Martin Potter, leader of the Scottish Board at the IFoA comments:

“Scotland becoming an independent country would have a significant impact on financial services, including pensions and insurance, the regulation of the sector and its future growth. As an independent professional body with a Royal Charter the IFoA has a public interest duty to uphold. In raising questions that it believes to be pertinent, the IFoA looks to serve the public interest by informing the debate on these important issues ahead of next September’s referendum.

“Whether a referendum results in an independent Scotland or not, it is right that discussion about how change could affect Scotland happens now. This paper considers some of the key challenges facing financial services in an independent Scotland. Although the issues for financial services will be wide-reaching, the paper is framed within the context of the recent pension paper published by the Scottish Government which provided an outline of how it sees pensions in an independent Scotland. Across the sector, we are still limited by the lack of clarity to date on the status of an independent Scotland in relation to the EU and the many financial implications of that uncertainty, all of which need to be considered.”

A full copy of the report is here.

~ENDS~

Editorial notes:

About the Institute and Faculty of Actuaries

1. Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
2. Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.
3. Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
4. The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.