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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.