Martin Potter, leader of the IFoA’s Scottish Board, comments on the publication the Scottish Government’s White Paper on an independent Scotland

Martin Potter, leader of the IFoA’s Scottish Board commented on the paper:

“There is a great deal to digest in today’s wide ranging White Paper by the Scottish Government.  The IFoA identified a number of challenges that Scotland and the rest of the UK will face should Scotland become independent (in our October paper: Commentary on the key challenges facing an independent Scotland within financial services).  Whilst today’s paper offers further clarity on the Scottish Government’s proposals for an independent nation state, questions remain around how this will be achieved.

“In particular we would welcome further detail on the proposed regulatory frameworks for financial services. Today’s paper sets out the Scottish Government’s intentions regarding membership of the EU and retention of Sterling. It also outlines the creation of certain Scottish regulatory bodies yet proposes a pan UK regulatory framework in other areas. Understanding the benefits and drawbacks of a patchwork regulatory system is vitally important for the financial services sector and consumers.  The IFoA will seek further detail from all bodies to better understand the risks and benefits such changes would present.”