Scotland will set up its own financial regulators after its independence to oversee conduct and behavior issues in local markets.

In addition, the independent nation would also prefer to set up its own money advice service and pensions regulator. However, the regulators will work on a closely harmonised basis with UK regulators.

The referendum on Scotland independence will be held on 18 September 2014.

As per the European Commission, independent Scotland should seek membership of European Union that may take about two years.

Apart from proposing to retain sterling in place, the Scottish government has already proposed extension of the triple-lock on state pensions as well as introducing a new single-tier pension at £160 per week, which is above the UK’s £144 a week.