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Ministerial Foreword - First Minister of Scotland
Working Together: Continued Strength in Challenging Times
This has been a year of extraordinary upheaval in financial markets. The financial crisis which began in the securitisation of the sub-prime mortgage market and spread rapidly across the globe has affected financial markets in countries large and small. The crisis and its impact will bring changes to business models, business processes and regulation for virtually all financial services companies.
It is imperative that we work together to meet these challenges head on. The Strategy for the Financial Services Industry in Scotland is the product of just such a collaborative effort. The strength of the FiSAB partnership in delivering the Strategy is our ability to work together to deliver our shared vision of recovery and future success.
This report outlines the work that FiSAB partners have undertaken over the last year across all three pillars of the Strategy; people, profile and infrastructure. Achievements stretch across activities to strengthen our world-class workforce, through those to ensure our children and young people become confident and capable consumers. The report also highlights the work being done to enhance Scotland's profile as a leading international hub for financial services, and to create the infrastructure that Scottish industry needs to succeed.
Both FiSAB and its Implementation Group, FiSIG, have reviewed their plans and objectives to respond to the changing environment. FiSAB itself will meet more regularly to ensure it takes account of the fast-moving international issues which affect our financial services industry and Scotland's economy as a whole. We have also established a Finance Sector Jobs Taskforce to help safeguard Scotland's significant and highly developed skills base in financial services, and to position the industry well for economic recovery.
The message of FiSAB and from the Scottish Government is simple and clear. Globally, a culture of change is underway in financial services. But that change will not unpick our fundamental competitive advantage. Scotland's strengths in this industry have sustained over centuries. They will do so in future. Many global firms will continue to benefit from the significant cost-to-quality advantage that Scotland enjoys over other European centres. Scotland is also an international centre for life assurance, pensions and asset management, and new jobs in these sectors continue to be created. Therefore, we are working for the long-term success of the industry, and with it the wider Scottish economy.
To help achieve this vision, Scotland has an industry-led Strategy for financial services; a Strategy which has the full support of the Scottish Government and the wider public sector. I am confident that the continued strength of the FiSAB partnership will help us meet our ambitions for the industry and for Scotland.
Rt Hon Alex Salmond MPMSP, First Minister of Scotland
Industry Foreword - John Campbell OBE
Learning Lessons and Renewing our Approach
We are all in danger of over-using the word 'unprecedented', but the fortunes of the global financial services industry over the last year have had no earlier parallels or equivalent, so it is the right word to use.
The increased volatility in markets, and rapid decline in some major companies, hit many countries hard, including our own. Our two biggest banks fought to adjust and regain balance in the face of some overwhelming shocks, but were unable to do so unaided. The impact has broadened into the wider industry, and into the wider economy, and no-one expects a rapid return to growth.
But it is important to emphasise that this is a global problem - financial centres around the world are struggling with the same or similar issues. Companies, politicians and regulators must work together to learn the lessons of the past, and emerge from this downturn with a renewed approach to running this vital industry. And they must do so at every level - national and international.
In addition to those structural changes, there is an increased need for employers, government, educators and others with a stake in the industry to work together. Here in Scotland, FiSAB has used its established routes to address many of these issues over the last year, and to strengthen connections.
This report shows many of the 'on the ground' activities that have continued apace over the last 12 months, promoting and explaining the role of financial services and the skills of our people. FiSAB, and all who contribute to it, will do all they can to see Scotland's long-established industry renew, improve and develop to tackle the quite novel and unforeseen challenges of the future.
John Campbell OBE, FiSAB Industry Deputy Chair (and Chairman, Scottish Financial Enterprise and Senior Managing Director, State Street Corporation)
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