Standard Life repeats its concerns over a yes vote for Scottish independence

Standard Life, which has so far been one of the most outspoken Scottish firms about issues around independence, drew up detailed contingency plans in May to potentially move some operations out of Scotland to protect itself from upheaval if Scots voted in favour of splitting from the United Kingdom.

The insurer said at the time that it would not hesitate to move parts of its operations to England or register its funds there to protect its market position. Any relocation could put some 5,000 Scottish jobs at risk.

Standard Life said yesterday, as it reported first-half results, that it had not been given any clarity on the economic and financial concerns it raised including those about Scotland’s currency, regulations and European Union membership.

“In making our comments, we were not seeking to make a political comment. It was very much round about how we think about factors that impact our business,” chief executive David Nish said.

Many Scottish businesses, particularly in financial services, have been hesitant to voice their opinions or concerns about the vote for fear of backlash from clients, investors and politicians.

“We are unaware of any significant amount of money being withdrawn with regards to this,” Nish said, adding that the company had received “a very strong measure of support” from shareholders for its plans.

Standard Life posted a 12 per cent rise in first-half operating pretax profit to £339m yesterday, beating analysts’ average expectation of £321m. The insurer said it was benefiting from the government’s decision to automatically enrol workers in company pension schemes, adding it expected over 300,000 new auto-enrolled customers in 2014.