The Scottish Government

TERMS OF REFERENCE FOR THE FINANCIAL SERVICES ADVISORY BOARD (FISAB)

FiSAB's key roles:

• ensure delivery and further development of the strategy
• continue strategic level collaboration and communication
• enable rapid response to changes in the operating environment
• act as guardian and champion for the strategy

FiSAB's guiding principles:

• Central to FiSAB's method of working is a partnership between industry, the trade unions and government dedicated to the delivery of the Financial Services Strategy Group's (FSSG) vision 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.
• Decisions will be made for the benefit of the financial services industry in Scotland.
• Work undertaken by FiSAB will be able to demonstrate a significant long-term contribution to the delivery of the vision and, thereby, substantial benefits to 'Scotland plc'.
• FiSAB will commit to support and monitor those initiatives that continue to contribute to its objectives.
• In taking forward its key roles and initiatives, FiSAB will communicate with and consult with its members, as well as the Financial Services Implementation Group (FiSIG) and any other ad hoc working groups convened.

FiSAB's working practices:

FiSAB will be chaired at a senior Ministerial level with an industry Deputy Chair.

• FiSAB will meet at least twice annually.
• FiSAB's agenda will be constructed by its secretariat in consultation with FiSIG, subject to the agreement of the FiSAB Chair and Deputy Chair. Prior to meetings, all FiSAB members will be invited to contribute to the agenda.
• FiSAB meetings will be held in private, however in general, meeting papers, including meeting notes will be made public once they are in final agreed form. Exceptions to this may arise on occasion, with the agreement of the FiSAB Chair. Notwithstanding this approach, the Scottish Executive, as with other public sector entities, remains subject to Freedom of Information legislation which will apply to all information held about FiSAB's work.
• FiSAB membership will be constructed so as to contain members from organisations, including the Scottish Executive, Scottish Enterprise, Scottish Development International and Scottish Financial Enterprise, as well as from industry and from the trade union movement. HM Treasury, the Bank of England and the Financial Services Authority representatives may attend as observers.
• Individual members will serve in a personal capacity, but will draw on their experience as members of companies, departments, industry bodies etc.
• Members will be entitled to discuss possible changes of policy or practice without implying the approval of their companies, ministers, etc.
• Members will not send substitutes, but may ask another member to represent their interests.
• Membership will be restricted to a period of 5 years and if a member fails to attend more than 50% of the meetings over a 2-year period, membership will be reviewed by the Industry Deputy Chair and Secretariat. Where possible, representation by individual industry members will 3 from banking and building societies; 3 from insurance, life and pensions (which will include at least one from general insurance); 2 from asset servicing; 2 from investment management; 1 from professional services and 1 from corporate finance and broking. These are in addition to the Industry Deputy Chair. New members will be appointed by the Chair in consultation with the Deputy Chair.
• FiSAB will not commission further work, but may make recommendations about how to take forward such work, using workgroups, facilitators, consultants, etc. Where such recommendations are made, we will seek to ensure the work is carried out through partner organisations in a manner which meets both their objectives and those of FiSAB.
• FiSAB will give strategic direction to the work of FiSIG and support it as necessary.
• To avoid unnecessary delays, where issues have reached an agreed stage at FiSIG, it will be possible to seek FiSAB's agreement to actions by written procedure.
• FiSAB will publish an annual implementation plan, highlighting the priority, short-term and longer-term actions and taking into account market changes, progress to date and longer-term shifts in the global environment. It will also publish status reports on the delivery of the strategy.
• FiSAB will agree its press releases and communication materials.

FiSAB Secretariat

June 2009