Responding to a shareholder who complained that chief executive
The chairman went on: "We have over 180 Scottish funds and companies -- we have got three insurance companies, 13 other companies regulated by the FCA, 75 unit trusts, 65 Oeics, and 38 Scottish limited partnerships.
"Who knows, every one of those if there was constitutional change might be affected, this is a very detailed matter."
But on the headlines that
Pressed earlier on whether moving operations would mean moving the company's 5000 jobs in
The plans were needed, he said, because "the Californian teachers' pension fund thinking of putting in
The problem was that "nobody can tell you what the arrangements would be", so to avoid any material impact on the company it had to be able to guarantee continuity of regulation.
To a suggestion that more mutuality in the financial sector might have been a defence against the crash, the chairman said: "In the wrong hands mutuality can be a very dangerous force." As a mutual
"There has been a recent example of a mutual which seems to have got into great problems -- I won't name it but it begins with a C. My view is that there is no better model for a complex financial services company than a plc with a strong board...people on the board need to know what they are doing."
"We were the first
He added: "We reduced the cost of almost all of our pension business back in 2001 to an annual charge of 0.85% or less."
He said that 70% of customers did not buy a
Asked by shareholder
He added: "We have high hopes of large-scale value being created from it in the future."
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