Scottish Widows has transferred the registration of billions of pounds of life insurance business from its Edinburgh office to London.
The insurer, part of Lloyds Banking Group, says the switch, which took place at the end of 2015, was done to simplify the group’s insurance business. It says no jobs or administrative functions are being relocated and there will be no impact on customers.
Widows says the move is not related to Scotland’s ability to raise different income tax rates to the rest of the UK.
A Scottish Widows spokesperson says: “The purpose was to simplify the structure of the insurance business which will make us more efficient, ease regulatory reporting requirements and help the group make better use of our resources including capital. There will be no impact on colleagues or customers.
“Lloyds Banking Group has a very clear strategy which includes becoming a simpler and more efficient business which delivers sustainable growth. This is a standard legal and regulatory process that has been carried out previously in other parts of Lloyds Banking Group.
“The parent company, Scottish Widows Group Limited, continues to be registered in Scotland.”