Standard Life : Our Company 25 July, 2016 Capital Requirements Directive Download

c0ef9285-b541-4d4f-a7ca-717aaead7e8b.pdf Capital Requirements Directive

Country by Country Reporting

Scope and application of the requirements

The disclosures in this document are made in respect of Standard Life Savings Limited (SLSL), a wholly owned subsidiary within the Standard Life plc group, and is authorised and regulated by the FCA.

The Capital Requirements (country-by-country) Reporting Regulations 2013 ("the regulations") implement

Article 89 of the Capital Requirements Directive IV

(CRD IV - Directive 2013/36/EU). The regulations impose reporting obligations on institutions in the United Kingdom that are within the scope of CRD IV.

As a limited licence firm, SLSL is within the scope of CRD IV country by country reporting obligations and must comply with the UK Regulations which brought these requirements into force in the UK on 1 January 2014.

These regulations require SLSL to publically disclose the following information by 31 December each year.

1. Name, nature of activities and location of the institution and any subsidiaries and branches

2. Turnover

3. Average number of employees on a full time equivalent basis

4. Profit or loss before tax

5. Corporation tax paid

6. Public subsidies received.

Name

Standard Life Savings Limited.

Basis of preparation

The Capital Requirements Directive Country by Country Reporting disclosure is prepared in line with the financial statements of Standard Life Savings Limited and have been prepared on the going concern basis, under the historic cost convention. This is in accordance with IFRS issued by the International Accounting Standards Board ("IASB")

as endorsed by the EU, with interpretations issued by the IFRS Interpretations Committee ("IFRIC") and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

Nature of activities

The principal activity of the Company is to operate a mutual fund supermarket and wrap platform which offers access to a range of mutual funds and other investment products

provided by Standard Life Group, third party fund managers and investment product providers. The Company is also the manager of the mutual funds' individual savings accounts (ISAs) and personal equity plans (PEPs).

Location of the institution and any related subsidiaries and branches

SLSL is located in the United Kingdom.

Turnover

Turnover for the accounting period ended 31 December 2015 was £69,364k.

Average number of employees on a full time equivalent basis

SLSL had an average of 535 employees on a full time equivalent basis during the accounting period ended 31 December 2015.

Profit or loss before tax

SLSL made a profit before tax of £5,313k for the year ended 31 December 2015.

Corporation tax paid

No corporation tax payments were made for the year ended 31 December 2015 as prior period losses were carried

forward to offset current year tax.

Public subsidies received

SLSL received no public subsidies for the year ended 31 December 2015.

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Independent auditors' report to the directors of Standard Life Savings Limited

We have audited the accompanying schedule of Standard Life Savings Limited for the year ended 31 December 2015 ("the schedule"). The schedule has been prepared by the directors based on the requirements of the Capital Requirements (Country-by-Country Reporting) Regulations 2013.

Directors' Responsibility for the schedule

The directors are responsible for the preparation of the schedule in accordance with the Capital Requirements (Country-by-Country Reporting) Regulations 2013, for the appropriateness of the basis of preparation and the interpretation of the Regulations as they affect

the preparation of the schedule, and for such internal control as the directors determine is necessary to enable the preparation of the schedule that is free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on the schedule based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the schedule is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the schedule. The procedures selected depend on the auditors' judgement, including the assessment of the risks of material misstatement in the schedule, whether due

to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of the schedule in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the schedule.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the country-by-country information in the schedule as at 31 December 2015 is prepared, in all

material respects, in accordance with the requirements of the Capital Requirements (Country-by-Country Reporting) Regulations 2013.

Basis of Preparation and Restriction on Distribution

Without modifying our opinion, we draw attention to the schedule, which describes the basis of preparation. The schedule is prepared to assist the directors to meet the requirements of the Capital Requirements (Country-by- Country Reporting) Regulations 2013. As a result, the schedule may not be suitable for another purpose.

Our report is intended solely for the benefit of the directors of Standard Life Savings Limited. We do not accept or assume any responsibility or liability to any other party save where terms are agreed between us in writing.

PricewaterhouseCoopers LLP Chartered Accountants Edinburgh 20 July 2016

Standard Life Savings Limited is registered in Scotland (SC180203) at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Savings Limited is authorised and regulated by the Financial Conduct Authority. www.standardlife.co.uk

MUL157 0716 © 2016 Standard Life

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