Standard Life Assurance has been flooded with objections to its decision to move £18billion of business to Ireland ahead of Brexit.

The company has had 355 complaints from policyholders – with the vast majority angry about losing access to the UK's regulatory protection offered by the Financial Services Compensation Scheme.

Around 390,000 policyholders will lose their protection under the scheme as there is no equivalent in Ireland. Most of the objections were raised by German policyholders.

Dublin move: The move is costing Standard Life £40million

Financial firms are relocating some of their business so they can still operate across the EU if the UK loses access to the single market.

The move is costing Standard Life £40million and it has injected another £250million into its Dublin arm to bolster the division.

Standard Life Assurance said it was 'aware of the special responsibility' it has for the life savings of customers. It added that it was certain to be able to meet 'the robust regulatory capitalisation requirements'.

Rivals including Aviva, Admiral, Hiscox and AIG have been dealing with similar complaints.