BlackRock warns of cost and uncertainty of Scottish independence

Scottish castleScottish independence means pension sponsors and trustees would have to change scheme designs and operations, BlackRock warns in a white paper. BlackRock says Scottish independence would raise regulatory costs and uncertainty for companies. “An independent Scotland would bring major uncertainties, costs and risks – mostly for Scotland, but also for the remaining UK,” the asset manager says. “There is a lot to settle: a currency union or a Scottish pound, Scotland’s opening balance sheet, division of the hydrocarbon bounty, financial regulation, EU membership, tax matters, timetables, and much more.” Last month, Standard Life, a Scottish insurance company with a large asset management business, said it might move parts of its operations to England, should Scotland vote to become an independent country in September. ©2014 funds europe

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