Scottish Widows relocates life business to London

The Sunday Times reported that the insurer has transferred billions of pounds-worth of its long-term insurance business to London in a move that has rekindled fears for Scotland's standing as a financial centre. However, Scottish Widows said that the move was to simplify the structure of the business. A spokesman said that there will be no impact on staff or customers. The move had been approved by the High Court and came into effect on 31 December 2015. The insurer has transferred all life insurance businesses (including Scottish Widows plc) in the Scottish Widows Group into a ...