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Terms of Reference

Finance Sector Jobs Taskforce

Terms of Reference

 

Background

The global financial services industry is experiencing unprecedented change and an extremely challenging operating environment. Given the importance of the financial services industry to the Scottish economy, it has been proposed that the Financial Services Advisory Board (FiSAB), as the custodian and advocate of the strategy for the industry in Scotland should now have a stronger focus on the protection of jobs in the Financial Services industry as a result of the current banking crisis and recession. 

The establishment of a Financial Services Jobs Taskforce will deliver a co-ordinated response as we seek to maximise the collective effort of all involved within the Financial Services Industry in Scotland to mitigate the potential impacts of the crisis in Scotland and retain key skills.   

Reporting

Given the unique collaborative partnership which already exists, The Financial Services Advisory Board (FiSAB) is the most appropriate vehicle for managing the Financial Sector Jobs Taskforce and Ministers sitting on FiSAB will report on progress to the Scottish Parliament.

Strategic aim

To implement a co-ordinated response which ensures Scotland retains, and grows where possible, the level of employment, skills and talent which supports Scotland’s internationally competitive financial services industry.

Purpose and remit

To provide closer co-ordination of the mechanisms which currently exist in Scotland to support current and future needs of the Financial Services Industry both within and beyond the current economic environment. This includes the following activities;

 

  • identify available advice and assistance which may be provided to individual companies to assist in their efforts to retain jobs - liaising with appropriate agencies
  • when potential downsizing/consolidation occurs, raise awareness of the initiatives and training support available partners and industry bodies including Scottish Enterprise, Skills Development Scotland, Local Authorities, SII, CIOBS, ICAS, PACE etc
  • explore how PACE, if appropriate, could be extended/delivered on an industry wide basis. 
  • examine the various demographics of those most likely to be affected and suggest ways of helping each identified group
  • match skills requirements to market demand,  encouraging the industry sub-sectors to collaborate to ensure core, transferable skills are retained in Scotland.
  • identify which advice channels are most likely to be required and facilitate introductions
  • consider the flexibilities which could be provided by Higher Education providers in terms of  accreditation of prior learning, allowing for re-skilling; providing short, flexible courses for those who wish to use gap in employment to update qualifications in preparation for economic upturn
  • liaise with appropriate bodies (e.g. sector skills council, professional bodies and skills delivery organisations) to identify common aspects of industry specific qualifications/professional development and explore how skills can be transferred across the sub-sectors and retained within the industry and Scotland.
  • ensure that the work of the Skills Gateway is captured by the Taskforce including its work to analyse potential changes in the structure of the Financial Services Industry and identify future skills requirements to reflect the new operating environment.

 Membership

 

  • Scottish Enterprise (chair)
  • Scottish Development International
  • Scottish Financial Enterprise                       
  • Scottish Government
  • Skills Development Scotland/Skills Gateway
  • Scottish Funding Council
  • Unite the Union
  • Edinburgh City Council (on behalf of Scottish Local Authorities Economic Development Forum, SLAED)

 Reporting

The Financial services advisory board has agreed that the Task force will be established within the FiSAB reporting structure. The Task Force Chair will therefore report directly to FiSAB The Task force will also link into the work of the Financial Services implementation group (FiSIG). Reporting to the Scottish Parliament can be undertaken by any of 3 Ministers who are FiSAB members.

Communications

Terms of Reference, Agendas and Minutes of Meetings will be available on the Scottish Government Website  Financial Services pages alongside those papers for FiSAB and FiSIG already at that web address.  Media enquiries will be directed to SG Communications officials in the first instance.   www.scotland.gov.uk/financialservices