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How will financial services be regulated in an independent Scotland?

We propose that the key elements of prudential regulation will be discharged on a consistent basis across the Sterling Area.

Major financial institutions operating in the Sterling Area will therefore be subject to the same prudential supervision and oversight in both Scotland and the UK.

As the Fiscal Commission Working Group made clear, such an approach is in the clear economic and financial interests of Scotland and the UK. Macro-prudential policy and micro-prudential regulation of the most significant Sterling Area institutions will be discharged, by the Bank of England, as the shared central bank, or by the regulatory arm of the Scottish Monetary Institute in partnership with the UK body.

Source: Scotland's Future, Scottish Government, November 2013.

Who would be responsible for financial stability?

As part of the proposed Sterling Area framework, the Bank of England will retain its remit for financial stability.

Source: Scotland's Future, Scottish Government, November 2013.

Who will regulate financial conduct?

With independence, we will ensure that all firms incorporated and authorised in Scotland comply with the highest standards expected of the financial industry. The key elements of financial conduct will be co-ordinated with the relevant UK bodies.

Independence will enable Scottish governments to act on issues that are of particular concern for Scottish consumers, such as pay day lending and nuisance calls. For example, we will introduce a cap on short-term interest rates, similar to those in place in many countries in Europe, Japan, Canada and some US states. We will also regulate the advertising of pay day lenders and place restrictions on ‘rolling over’ of loans which saddle those unable to pay off debt with an even bigger loan.

As is the case in all other EU countries, Scotland will be able to design its own institutional framework for financial regulation and have its own regulator. A Scottish regulator will work with regulator for the rest of the UK to set equivalent standards, for instance where there are significant cross-border markets.

Source: Scotland's Future, Scottish Government, November 2013.