Would an independent Scotland accept that regulated advice is really only for the middle classes?

It was certainly an interesting tack when the Treasury argued against Scottish independence with of all things the compensation scheme and the pension protection fund argument. Actually both hold water to an extent, but they also reveal that disentangling a four hundred year union between two of the most modern and sophisticated economic and political systems in the world isn’t going to be all that easy.

Of course the Treasury is boxing clever on this. It also says Scotland would have to put in a complex system of financial regulation. But as we have asked before, in a smaller market, where it is might arguably be easier to supervise would Scotland adopt such a strong pro-consumerist line or such a hard line on remuneration? A Scottish government would not be anti-consumer. But it might have a different interpretation about where that line is drawn when it comes to encouraging saving particularly if it could keep a closer eye on what was happening in the market. It also might have a different view of restricting full advice to better off parts of the population if it looked at the issue with a more Scottish and more social democratic eye.

 

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