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Financial Services Advisory Board
03/09/2007
First Minister Alex Salmond and Cabinet Secretary for Finance and Sustainable Growth John Swinney today took their places on the Financial Services Advisory Board (FiSAB).
Enterprise Minister Jim Mather will also join FiSAB.
Speaking before taking his place on the Board for the first time, alongside the First Minister, who will chair the board, Mr Swinney said:
Mr Swinney said:
"Financial Services are a real driving force for the Scottish economy. The industry demonstrates the huge potential we have at our disposal.
"The skills, dedication and reliability of the workforce here in Scotland are second to none. We have already attracted numerous global companies to locate here and then expand their operations in Scotland. And we are seen as one of the premier financial services locations, not just in Europe, but the world.
"But we could do even better. Given more economic tools at our disposal - such as the ability to lower corporation tax - the financial services industry, like the whole of the Scottish economy, could achieve even more.
"Before Scotland has those tools, we are determined to work with FiSAB to support the industry wherever we can. This work will undoubtedly make a crucial contribution as we move to give Scotland a competitive edge and achieve our goal of increased sustainable economic growth."
John Campbell, FiSAB Industry Deputy Chair and Chairman of Scottish Financial Enterprise, said:
"I am delighted that the new Scottish Government is providing strong backing to the financial services industry, as demonstrated by appointing three ministers to FiSAB, and that it is committed to improving the business environment for companies.
"I feel that FiSAB is now well positioned to continue pursuing its key agenda, namely to strengthen further the workforce available to the industry, build the profile of the industry both in Scotland and internationally, and lobby for the improvements to transport and IT infrastructure that the industry needs to realise continued growth, and I look forward to working with the First Minister and his team to achieve this."
Financial services industry is of vital importance to Scotland - one of the most dynamic growth areas of the Scottish economy over last decade. The sector:
- Makes a major contribution to the life and economy of Scotland, and now accounts for about 7 per cent of Scottish GDP (Scottish Government GDP Index)
- It is one of the fastest growing sectors of the Scottish economy: the industry's GDP grew by over 8 per cent during 2006
- Financial services is also a significant source of employment in the Scottish economy. It accounts for around 9 per cent of Scottish jobs, employing 108,000 directly
- It is one of the fastest growing sectors of the Scottish economy. Since the start of 2000 financial services in Scotland grew by 60 per cent, the overall Scottish economy grew by 14 per cent and the UK financial services industry as a whole grew by 47 per cent in the same period.
- In 2005, the sector's exports to foreign countries were estimated to be over £1.1 billion, an increase of 17 per cent in nominal terms on the previous year. The sector now accounts for 6 per cent of total Scottish exports, and around 23 per cent of total Scottish services exports. Initial calculations suggest that financial service exports to the rest of the UK stood at £7.5 billion in 2003, nearly 21 per cent of the Scottish total.
Scotland is internationally recognised as most important UK financial centre outside London.
- Home to three of the UK's leading pension and life assurance providers.
- One of top 10 banking centres in EU and home to HQs of 4 banks - including Royal Bank of Scotland the second largest in Europe. Scotland has built on its long history of innovation and international excellence in financial services. Today it 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.
The Financial Services Advisory Board (FiSAB) was established in March 2005 to deliver 'A Strategy for the Financial Services Industry In Scotland' - a strategy published in March 2005 and aimed at ensuring the success of one of Scotland's most prestigious and profitable industries. FiSAB brings together partners from the financial services industry, the public sector and the trade unions. FiSAB is supported by the Financial Services Implementation Group (FiSIG).
Current FiSAB Membership
First Minister
Cabinet Secretary for Finance and Sustainable Growth
Minister for Enterprise, Energy and Tourism
John Campbell, Deputy Industry Chair - SFE Chairman and Senior Managing Director, State Street Ian Ferguson - Director of Underwriting, Norwich Union
Martin Gilbert - Chief Executive, Aberdeen Asset Management
Colin Matthew - Chief Executive, Strategy and International Operations Division, HBOS plc
Trevor Matthews - Chief Executive, Standard Life Assurance Ltd
Lisa Stephenson - Lloyds TSB Scotland
Ben Thomson - Chairman, Noble Group limited
Otto Thoresen - Chief Executive, AEGON UK
Margaret Wallace - Managing Director, Morgan Stanley
Willie Watt - Chief Executive, Martin Currie Investment Ltd
David Fleming - Unite
Graeme Dickson - Director, Enterprise, Energy and Transport, Scottish Government Jack Perry - Chief Executive, Scottish Enterprise
HM Treasury observer