EDINBURGH (Reuters) - The chairman of UK insurer Standard Life said on Tuesday that the company would not hesitate to move parts of its operations to England or register its funds there to protect its market position.
Standard Life is one of a number of companies with operations in Scotland which are considering their response should Scots vote for independence from the rest of the UK in an impending referendum.
The company first highlighted in February its concerns over the uncertainty regarding how an independent Scotland would work, what currency it would use, how its financial services would be regulated and whether it would join the European Union.
Speaking at the company's annual meeting, Gerry Grimstone said "if we felt the interests of the business, or those of our customers, clients or shareholders were put at risk by constitutional change, we would take whatever action we see necessary to protect their interests and our competitive position".
"We would not hesitate for example to move parts of our operations to England, where the majority of our customers are located, or move the registration of our funds," he added.
Grimstone said the company had started "detailed preparations" to look at setting up registered companies in England to which its businesses could be transferred, and that these steps were ongoing.
"In financial services, continuity is vital and customers won't tolerate uncertainty so we need to be ready to move quickly if the need arises"
(Reporting by Chris Vellacott; editing by Simon Jessop and Matt Scuffham)