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Year 5: Looking to the future
The global financial services industry is in a period of unprecedented change. In addition, the impacts of recession in the UK and abroad are now being felt across the wider Scottish economy. We need to be alert to the pace of change, globally and at home, and the flexibility of approach which this demands.
Over the past year, it has been a priority to ensure that the Strategy and future plans continue to meet the new challenges posed by the current financial crisis and recession. The outcome of the current situation is not easy to predict and the scenario planning exercise in which FiSIG engaged enabled a review of plans and actions to be made against a set of four different scenarios. Resulting conclusions were that the aims and pillars that are set out in the Strategy are still appropriate, though some work is required in the coming months to reprioritise and reposition activities. The main work priorities that were identified are reconsidering education, skills and financial capability priorities; repositioning and reemphasising communications activity; and ensuring an appropriate regulatory response so that Scotland offers a business-friendly location.
Scotland's financial services industry is broadly-based. While accepting that some sectors, and in particular banking, face difficulties, other sectors remain strong. FiSAB will work to ensure that Scotland plays to these strengths while identifying the actions required to help tackle the challenges.
FiSAB also recognises the need to ensure that customers, potential investors and prospective recruits to the financial services industry can be confident in its ability to meet the challenging vision set out in our Strategy of 'an innovative, competitive and thriving international financial services industry in Scotland, underpinned by world-class infrastructure and universally recognised as a leader on the global stage'.
The following pages provide an overview of the issues that the collaborative partnership of FiSAB will take forward to ensure the achievement of our shared long-term vision.
Looking to the future: People
People are at the heart of Scotland's financial services industry. We need a skilled and diverse workforce to deliver to a confident and educated customer base. The pace of change in today's global economy requires a response which delivers appropriate and high quality skills and qualifications to our workforce and information and education to our citizens of all ages to ensure that financial services products are accessible, transparent and relevant. In today's environment, collaborative effort between the industry, policy makers, educators and delivery bodies is essential. The partnership approach of FiSAB and FiSIG will help ensure that we successfully deliver on these requirements. FiSIG's scenario planning exercise has helped focus plans for delivering on our aims in the year ahead.
Activity in Year 5 will focus on:
Actions will include:
- Analyse probable changes in structure of the financial services industry in Scotland and identify skills requirements
- Ensure that the current climate is used as a teaching/learning device in financial capability initiatives
- Plan and prepare for likely changes in pensioner incomes
- Establish a Finance Sector Jobs Taskforce with a primary focus on retaining the maximum level of jobs as possible as well as the retention of high-level skills in Scotland
Looking to the future: Profile
The global financial crisis has had a profound impact on the institutions and reputation of the financial services industry around the world. The industry and the public sector will continue their joint commitment to taking all necessary action to promote Scotland's reputation, at both domestic and international levels. FiSAB and FiSIG have identified that promotion of the industry is a priority. The FiSAB partnership will continue to articulate the strengths and successes of our industry through clear and consistent messaging to all stakeholders both at home and abroad.
Activity in Year 5 will focus on:
Actions will include:
- Increase priority of communications activities to respond to new challenges
- Review approaches to influencing stakeholders and regulators/governments to ensure our actions remain appropriate in the changing environment
- Ensure that all promotional activity and materials are focused on reinforcing the continued strengths of Scotland's financial services industry
- Present a holistic view of the overall participation across civic and business society of the financial services industry in Scotland
- Be ready to grasp opportunities when confidence returns
Looking to the future: Infrastructure
A strong financial services industry needs to be supported by the right infrastructure to enable continued success. Our main focus in the year ahead will be reviewing infrastructure priorities within the current environment to ensure we have the right focus going forward. It is essential therefore, that the views of those at the heart of the industry in Scotland are involved in developing future strategies. SFE will seek the views of its members and FiSIG will take account of these in planning future activity.
Activity in Year 5 will focus on:
Actions will include:
- Work to identify the underlying issues which will benefit from changes to the regulatory regime and provide input to the appropriate regulatory response required for these
- Seek to maximise Scotland's business friendliness as a specific location and as part of the UK
- Make full use of the FiSAB partnership in responding to proposed changes to the regulatory structure
- Review infrastructure priorities in light of SFE's report on industry requirements
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