The UK government's paper on financial services has been described by Jim Spowart, one of the leading figures in the Scottish financial sector, as not being “a credible analysis of how financial organisations work”. Mr Spowart's direct experience in the financial sector includes being former managing director of Direct Line Financial Services and founder of Intelligent Finance (IF). He said:
“The Treasury paper is not an accurate reflection of Scotland's financial services industry now, or of how financial regulation would work for an independent Scotland in a sterling area. It is clearly not a credible analysis of how financial organisations work.”
