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Scotland’s Referendum: ‘Yes’ Will Mean ‘How’ for Bank Oversight
By Irene Madongo
printWith the polls close and voter turnout expected to be around 97 percent, Scotland's referendum on independence is an event rife with uncertainties. One exception: "yes" will mean rethinking the country's banking sector. As of Thursday, surveys suggested that Scottish voters may narrowly favor remaining in the United Kingdom, a relationship the country has maintained for centuries. A vote to leave would task Scottish lawmakers with choosing how to regulate financial institutions currently overseen by London's Financial Conduct Authority (FCA). In testimony last week before the U.K. House of Commons, FCA Chairman John Griffith-Jones said that the regulatory issues for...
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