New Financial Services body established.
The Financial Services Growth and Development Board had its first meeting today, replacing the outgoing Financial Services Advisory Board as the main forum for discussion between the Scottish Government and industry leaders in the financial and related professional services sector.
First Minister Nicola Sturgeon, and Scottish Financial Enterprise Chair, Phillip Grant, are co-chairing a refocussed forum to ensure the crucial role of financial and professional services in accelerating economic recovery and transforming Scotland into a globally recognised centre for Green Finance is recognised.
Financial and professional services is the biggest sectoral contributor to Scotland’s economy at 9.2 % GVA and employs around 160 thousand people directly. The industry’s contribution to the Board will be led by Scottish Financial Enterprise (SFE), the industry body for financial and related professional services in Scotland with representatives from each of the sectors across the entire industry.
The reshaped forum will have a clear focus on advising Scottish Ministers on areas of priority relating to the financial industry and align closely with SFE’s five-year strategy published last year which identified four key priorities:
Leading the journey to net zero– inspiring global leadership in green finance and supporting the Scottish economy to achieve net zero.
Supporting economic recovery– facilitating the immediate and sustainable recovery of the Scottish economy following the pandemic.
Responding to changing customer needs– delivering the innovative and inclusive products and services that meet the evolving needs of all customers.
Developing skills and inclusion– enabling financial services firms to recruit, develop and retain diverse skills within the industry.
The Financial Services Growth and Development Board will be outcome focussed, fostering greater collaboration between government and the financial and professional services sector in order to fully harness its significant contribution toward sustainable economic growth.
speaking ahead of the first meeting, First Minister Nicola Sturgeon said:
“As we emerge from the COVID-19 pandemic, we must work together to seize Scotland’s potential and build a recovery for everyone which delivers greater, greener and fairer prosperity.
“Financial and related professional services will play a key role in this process, from supporting businesses and households through economic recovery to facilitating the investment that will underpin a just transition to net zero.
“I look forward to working with the Financial Services Growth and Development Board to create new opportunities for growth and development in communities across Scotland.”
Philip Grant, SFE Chair and Chair of Lloyds Banking Group’s Scottish Executive Committee, said:
“The establishment of the Financial Services Growth and Development Board marks an important step in SFE’s clear desire to work more closely with Government in the interests of our members, the broader industry, and the communities we represent.
“SFE and the financial services industry is focussed on having a meaningful and positive impact at local level and we want to ensure that our strategy helps to deliver real benefits to all people in households and businesses across Scotland, with no-one left behind.
“This is a vision that aligns closely with the priorities of the Scottish government so we welcome this new channel for regular dialogue, which will amplify our voice and enable us to better collaborate where there is common ground and challenge where there is disagreement.”
Sandy Begbie CBE, SFE Chief Executive said:
“The establishment of this board comes at a timely moment in our sectoral ambition to support accelerated green economic recovery. Scotland faces significant challenges with economic growth stalling and a cost-of-living crisis affecting households across the country.
“Financial and professional services have a central role to play in helping to mitigate these challenges and create new opportunities for growth and development, and I’m confident that if we do, Scotland has all ingredients to thrive in 2022 and beyond.”
Members of the board include:
Koral Anderson, Barclays
Nicola Anderson, Fintech Scotland
Sandy Begbie CBE, Scottish Financial Enterprise
Stephen Bird, abrdn
Malcolm Buchanan, NatWest
Maggie Craig, Financial Conduct Authority
Andy Curran, Phoenix Group
Sue Dawe, EY
Philip Grant, SFE / Lloyds Banking Group
Louisa Knox, Shepherd & Wedderburn
Angus Macpherson, Noble Group
Gerry Mallon, Tesco Bank
Eilidh McTaggart, Scottish National Investment Bank
Barry O’Dwyer, Royal London
Claire Reid, PwC
Alastair Ross, ABI
Vida Rudkin, Morgan Stanley
