New body to support financial services collaboration with Scottish Government

The Financial Services Growth and Development Board, which will meet every quarter, replaces the outgoing Financial Services Advisory Board as the main forum for discussion between the Scottish Government and industry leaders in the financial and related professional services sector.

First Minister Nicola Sturgeon and Scottish Financial Enterprise (SFE) chairperson Phillip Grant co-chaired today’s meeting in recognition of the crucial role of financial and related professional services in accelerating economic recovery and transforming Scotland into a global centre of excellence for green finance.

The industry’s contribution to the Board will be led by SFE as the industry body for financial and related professional services in Scotland with representatives from each of the sectors across the entire industry.

Mrs Sturgeon said: “As we emerge from the Covid-19 pandemic, we must work together to seize Scotland’s potential and build a recovery for everyone which delivers greater, greener and fairer prosperity.

“Financial and related professional services will play a key role in this process, from supporting businesses and households through economic recovery to facilitating the investment that will underpin a just transition to net zero.

“I look forward to working with the Financial Services Growth and Development Board to create new opportunities for growth and development in communities across Scotland.”

Mr Grant, who also chairs Lloyds Banking Group’s Scottish executive committee, said: “The establishment of the Financial Services Growth and Development Board marks an important step in SFE’s clear desire to work more closely with Government in the interests of our members, the broader industry, and the communities we represent.

“SFE and the financial and related professional services industry is focussed on having a meaningful and positive impact at local level and we want to ensure that our strategy helps to deliver real benefits to all people in households and businesses across Scotland, with no-one left behind.

“This is a vision that aligns closely with the priorities of the Scottish government so we welcome this new channel for regular dialogue, which will amplify our voice and enable us to better collaborate where there is common ground and challenge where there is disagreement.”

Sandy Begbie CBE, SFE chief executive, added: “The establishment of this board comes at a timely moment in our sectoral ambition to support an accelerated green economic recovery. Scotland faces significant challenges with economic growth stalling and a cost-of-living crisis affecting households across the country.

“Financial and related professional services have a central role to play in helping to mitigate these challenges and create new opportunities for growth and development, and I’m confident that if we do, Scotland has all ingredients to thrive in 2022 and beyond.”