This item was published during the term of a previous administration that ended in April 2007
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FiSAB Annual Report 2007
30/03/2007
Scotland's financial services industry remains one of the nation's major economic success stories, according to the Financial Services Advisory Board's 2007 annual report published today.
The report sets out the successes of the second year of the Strategy for the Financial Services Industry in Scotland and looks at the plans and priorities for the year ahead and beyond.
The First Minister, who is chair of Financial Services Advisory Board (FiSAB), speaking as the report was published at a business breakfast in Edinburgh hosted by Scottish Financial Enterprise said:
"Improving Scotland's economic growth is our number one priority. We are working hard to make sure Scotland's talented workforce, supported by excellent universities and ever-improving transport links, has the support it needs to keep our financial services industry at the top of its game.
"By working closely with industry we have given financial services in Scotland a real competitive edge. As today's report shows, the board's efforts are delivering clear achievements. Four years ago there was no board, there was no partnership - today we can be proud of how our innovation is helping the industry to thrive.
"I congratulate all those who have been involved in this pioneering partnership. Of course, the work doesn't end here. Our advantage will only be secured through continued effort. I look forward to working with FiSAB over the coming months and years and to delivering on our shared ambitions."
Key achievements identified in the annual report include:
- A strengthened, world-class workforce - following work to develop skills, raise awareness of career opportunities and promote financial education
- Improved business infrastructure - with work to address industry transport priorities and to harness communications technology
- Raising the industry's profile by promoting Scotland's workforce, attracting new investors and encouraging expansion. In total more than 3,500 financial services jobs have been secured by inward investment, establishing Scotland as the best performing region in the UK
- Supporting innovation - with awards to promote industry achievements, events to bring financial service providers and Scottish technology supply companies together, and collaboration with universities
John Campbell, FiSAB Industry Deputy Chair, Chairman of Scottish Financial Enterprise and Senior Managing Director of State Street Corporation said:
"Scotland continues to outperform many of its rival business centres around the world as a preferred location for leading financial services companies, but global competition is fierce and we have to keep moving forward. Our unique partnership is a major asset to Scotland and increasingly important to the industry, particularly given the volatile commercial and political world that affects us all. By working together to continuously improve the business environment in Scotland we are helping financial services companies based here to grow business and significantly boosting Scotland's ability to attract more international industry investment."
"Thanks to the partnership's work over the last 12 months we now have more direct flight connections with other strategic financial hubs, new initiatives to expand the skills pool available to us in Scotland and a joined up approach to promoting Scotland as a leading centre of financial services expertise. We look forward to continuing FiSAB's success for the long term."
Key priorities for the next twelve months set out in the report include:
- Continuing work to provide the financial services workforce and customers with the information and tools they need
- Strengthening Scotland's profile as a leading international financial services centre
- Exploiting the challenges of the future by building on industry and university collaboration
In addition the FiSAB partnership will implement a high profile communications campaign to raise awareness of Scotland's financial services expertise and interests in the UK and key global markets.
Background:
The Strategy for the Financial Services Industry in Scotland was developed by the Financial Services Strategy Group and published in March 2005. It aims to build on the success of the financial services industry in Scotland and sets out a route forward taking into account important elements such as skills, infrastructure, innovation and promotion.
FiSAB was set up to deliver the 'Strategy for the Financial Services Industry in Scotland'. It is a unique partnership of the industry, the trade unions and the public sector. It is the only group of this nature that the First Minister chairs and his decision to play a leading role in FiSAB demonstrates the Scottish Government's commitment to this key industry.
Scotland has a strong and dynamic financial services industry:
- It makes a major contribution to the life and economy of Scotland, generating £7 billion (over seven per cent) of Scottish GDP
- It accounts for around one in ten Scottish jobs. Scotland's share of financial services employment in Great Britain has risen from 8.8 per cent to 10 per cent since 2000
- It is one of the fastest growing sectors of the Scottish economy. Since the beginning of 2000, the financial services industry in Scotland has grown by 55 per cent while the UK financial services industry grew by 44 per cent
Scotland has a long history of innovation and excellence in financial services. Today Scotland has particular strengths in banking, life assurance and pensions, investment management and asset servicing. It also has vibrant general insurance, corporate finance and broking services sectors, and a strong community of professional advisors and suppliers
Scotland is one of Europe's leading financial centres and the UK's second largest financial services hub after London. Some of the world's foremost financial services companies have global headquarters in Scotland, servicing worldwide markets and utilising the benefits of easy access to the key London and European markets.
Membership of the Financial Services Advisory Board is:
First Minister, FiSAB Chair
Deputy First Minister
John Campbell, FiSAB Industry Deputy Chair; Chairman, Scottish Financial Enterprise; and Senior Managing Director, State Street Corporation
Ian Ferguson - Director of Underwriting, Norwich Union
Martin Gilbert - Chief Executive, Aberdeen Asset Management Trevor Mathews - Chief Executive, Standard Life Assurance Limited Lisa Stephenson - Director, Lloyds TSB Scotland Ben Thomson -Chairman, Noble Group Limited Otto Thoresen - Chief Executive, AEGON UK Margaret Wallace - Executive Director, Morgan Stanley Willie Watt - Chief Executive, Martin Currie Investment Management Ltd David Fleming - National Officer, Amicus Graeme Dickson - Head of Enterprise and Industrial Affairs Group, Scottish Executive