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Brewin commits to Scotland despite ‘palpable’ uncertainties

by James Phillipps on Jul 16, 2014 at 07:15

Brewin commits to Scotland despite ‘palpable’ uncertainties

Brewin Dolphin has told clients north of the border that it is committed to its Scottish offices despite ‘palpable’ uncertainty around the impact of a potential ‘Yes’ vote in the independence referendum.

The wealth manager has also promised to continue holding all of its clients’ sterling cash in banks that are regulated by the Prudential Regulation Authority and have access to the bank of England as a lender of last resort.

Brewin has been very active in trying to get further guidance for its clients on what the shape of the currency, taxation and regulation regimes would be in an independent Scotland.

At the start of the year, chief executive David Nicol (pictured) wrote to Scottish finance minister John Swinney asking for greater clarity and this was followed up in April, when head of investment management Stephen Ford had a letter published in the Telegraph.

Brewin also sponsored Spectator’s debate on the future of financial services after the referendum last month, which had George Galloway representing the ‘No’ camp and Andrew Wilson, former head of public relations at Royal Bank of Scotland outlining the ‘yes’ campaign.

‘The lack of certainty is still palpable; however, we would like to assure all our clients that we are committed to our Scottish business,’ Brewin said.

‘Whether clients are advised from our Scottish offices or any Scots who are clients of one of our other offices in the UK, we will do what we can to minimise any impact on our services in the case of a Yes vote in September.

‘We would also like to confirm that all clients’ sterling cash is and will continue to be held in banks authorised by the Prudential Regulation Authority and for which the Bank of England is the bank of last resort.’  

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