Scottish independence poses a "nightmare scenario" for the financial services industry despite the yes campaign's insistence it can be a strong economic power on its own, a former IFP president says.

A financial advisory firm has reported an increasing number of investors have reduced their holdings of sterling as uncertainty grew over the outcome of the Scottish independence vote next Thursday.

Standard Life has revealed more about its plans to move some parts of its business away from Scotland if the referendum next week results in independence.

The Financial Conduct Authority will have a huge workload ahead of it to sort out how the regulatory system will transfer to Scotland in the event of a vote for independence, its chairman says.