To ask the Scottish Executive what progress has been made with the Financial Services Strategy Group following its final meeting held on 1 March 2005.
The Financial Services Strategy Group (FSSG), a partnership of industry, trade unions and the public sector, was charged with developing a vision and strategy to support the future success of the financial services industry in Scotland. The final meeting of the Group was held on 1 March when the members ratified the completed strategy. Consequently we are today publishing
A Strategy for the Financial Services Industry in Scotland and the first
Annual Implementation Plan.
The ambitious shared vision is:
“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.”
Through our continued commitment to working together, we strive to sustain and maximise the industry’s success and the impact it makes on the Scottish economy. We will achieve it by ensuring that the right competitive environment continues to flourish in Scotland. We aim to:
• Strengthen the world-class workforce and improve the business infrastructure;
• Build the industry’s profile within and beyondScotland, and
• Support and encourage innovation within theindustry.
The First Year Implementation Plan sets out the priority, short-term and longer term actions needed to deliver the strategy. Early actions include:
• Examining new air routes from Scotland to keyfinancial services locations;
• Working with mobile phone operators and transport bodies to eliminate “gaps” in coverage between Edinburgh and Glasgow;
• Feeding in the needs of the industry to theExecutive’s Fresh Talent initiative;
• Enhancing work underway on financial education;
• Building better labour market knowledge,and
• Boosting capability within the supply network.
AFinancial Services Advisory Board (FiSAB) has been created to ensure delivery andfurther development of the strategy. I will chair FiSAB, alongside an industry deputychair, with members of the board drawn from all parts of the industry, plus thepublic sector and trade union representation. FiSAB will be a prime enabler of thecontinued strategic level collaboration and communication needed to achieve ouraims.
Membershipof FiSAB:
JimWallace – Scottish Executive (Chair)
JohnCampbell – State Street and Scottish Financial Enterprise (DeputyChair)
MikeJones – Lloyds TSB Scotland
BenThomson – Noble Group
OttoThoresen – Aegon
DavidWallace – Abbey
MargaretWallace – Morgan Stanley
WillieWatt – Martin Currie
SandyBoyle – Amicus
GraemeDickson – Scottish Executive
JimMcFarlane – Scottish Enterprise
MartinTogneri – Scottish Development International
HMTreasury observer
Ithas been a privilege to chair the group and I look forward to the delivery of theImplementation Plan and to seeing the benefits flow to the industry, theeconomy and the Scottish people.
Copies of the report are availablein the Parliament’s Reference Centre, (Bib. number 35639).