SCOTTISH WIDOWS 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. The transfer, which had to be approved by the High Court in London, came into effect on December 31, and means Scottish Widows life insurance business now is officially registered in London, ending 200 years of Scottish registration. The move will be formally announced at Scottish Widows’ parent company Lloyds Banking Group’s full-year results on Friday. The scheme transferred the group’s various life insurance businesses into one company including Scottish Widows plc, Scottish Widows Annuities, Pensions Management, Scottish Widows Unit Funds, Clerical Medical Management Fund, Halifax Life, and St Andrew’s Life Assurance. The companies were combined into
Scottish Widows has received approval to transfer billions of pounds worth of its long-term insurance business to London in a move that rekindles concerns over Scotland's standing as a financial centre. Scottish Widows' parent company, Lloyds, will formally announce the move in Friday results on its full year.