The Scotland-London Financial Services Forum, established with industry body Scottish Financial Enterprise (SFE), will look at how working together can aid economic stability, create growth and protect jobs.

Minister Offord announced the new forum at the SFE’s annual St Andrews Day reception on Monday evening at the Scotland Office’s Whitehall HQ, Dover House.

He said: “Scotland’s financial sector is a major asset for the UK both at home and abroad. The establishment of the forum will help to build on this – by strengthening relationships, co-ordinating priorities and assisting it in capitalising on opportunities at an international level.

“This will help to sustain many highly-skilled jobs in the sector and contribute to the UK Government’s aims of building economic stability and ultimately driving growth.”

Sandy Begbie, chief executive, Scottish Financial Enterprise, said: “SFE is committed to forging renewed partnerships with government that will enable our sector to play its part in tackling the major societal challenges we face. It’s important that we do this in the interests of our members, the broader industry and the communities we represent.

“We’re a global industry that aims to have a meaningful impact at local level and we want to ensure that our strategy helps to deliver a strong recovery for the benefit of households across the country.”

Economic secretary to the Treasury, Andrew Griffith, added: “Scotland makes a critical contribution to the UK’s reputation as a leading global hub for financial services trade and investment.

“That’s why the establishment of this forum is crucial – enabling us to collaborate on shared goals and promote the UK as a financial services superpower on the world stage.”

The forum will be co-chaired by UK government minister for Scotland Malcolm Offord and economic secretary to the Treasury Andrew Griffith MP, alongside SFE chair John Mcguigan. SFE’s Sandy Begbie will also attend along with other senior industry leaders. The first meeting of the forum will take place in the new year.

Scotland is a vital financial centre, second only to London in the UK. The industry sustains more than 145,000 jobs, contributing around £14bn GVA to the UK economy and with internationally recognised strengths in banking, asset management, insurance and long-term savings, professional services and fintech. Edinburgh and Glasgow sit at number 27 and 42 respectively in the internationally-recognised Z-Yen Global Financial Centres Index – the second and third highest positions in the UK.

Through the new forum, the industry wants to better support UK efforts to become a global centre for green finance, while representatives of Scotland’s world-class asset management sector want to explore international trade opportunities.

The new UK forum mirrors a similar existing relationship between the organisation and the Scottish Government. The Financial Services Growth and Development (FISGAD) board launched in January 2022 and is co-chaired by SFE’s chair and the First Minister on a quarterly basis. Industry leaders in Scotland have been enthusiastic to replicate the format to create similar progress on reserved and UK-wide priorities.