Scotland's Financial Services Industry
Scotland is internationally recognised as the most important UK financial centre outside London and the South East, with a breadth of services including global custody, asset servicing, banking, investment management, corporate finance, general / life assurance and pensions. Although Scotland's banking sector, like banks across the globe, has experienced significant difficulties this does not reflect the industry-wide picture and recent announcements of expansion and investment plans by financial services companies have buoyed prospects for the future, for example, Tesco Bank; Virgin Money and HSBC all plan to create new jobs in Scotland.
Financial services remains a vital contributor to the overall success of the economy of Scotland as a whole. This is due not only to its importance in terms of employment and direct contribution to output, but also because of the impact the banking sector has on private sector growth.
The latest data available from the Business Register and Employemnt Survey show the industry employs over 94,000 people in Scotland with more than half of these working in banking. Across Great Britain, Scottish financial services accounts for the second highest proportion of total employment in the regional economy, and makes the second highest contribution to gross value added (GVA) within the local economy across the UK.
Find out more about all of the globally competitive industry sectors available in Scotland at Scottish Development International, which promotes international trade and encourages overseas companies to invest in Scotland, including those in the finance sector.
Strategy for the Financial Services Industry in Scotland
In 2005, the government, together with the industry and the trade unions, published a Strategy for the Financial Services Industry in Scotland. This set out an ambitious vision for an innovative, competitive and thriving financial services industry, underpinned by world class infrastructure and universally acknowledged as a leader on the global stage.
A First Year Implementation Plan was published alongside the Strategy.
The first Annual Report was published on May 15, 2006.
On 8 January 2014, the Financial Services Advisory Board (FiSAB) published the 2013 e-digital Annual Report of the Strategy. This sets out:
- A summary of achievements.
- Comparative data on the progress made by the financial services industry in Scotland.
- An outline of future thinking.