Scottish broker ready to send assets to England in case of 'Yes' vote

James McCulloch, chairman of Speirs & Jeffrey, the 100-year-old Glasgow-based stockbroker and investment manager, has written to its clients detailing its plans in the event of Scotland deciding to leave the United Kingdom.

And he warned that the most “significant” issue was what currency an independent Scotland would use. If it believed there was a risk to clients’ investments, the firm says that to protect their holdings it was prepared to “immediately” transfer assets – including stock and shares – as well as cash to the new English-based companies and accounts in English banks that it has set up.

Mr McCulloch says a "Yes" vote would not bring immediate changes and Scotland would remain for a time “within the United Kingdom with the same currency, lender of last resort and regulatory environment for the financial services industry.”

But he added: “We are of course aware that a 'Yes' vote would introduce new risks for us and our clients and so we need to be in a position to minimise these by reacting quickly if necessary.

In his letter to clients, Mr McCulloch writes: “We will take whatever action is necessary to safeguard your assets.”

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