Financial Services Growth and Development Board: terms of reference

Terms of reference for the Financial Services Growth and Development Board.

Guiding principles 

The Financial Services Growth and Development Board (FISGAD) is a partnership between industry and government, dedicated to the delivery of the following vision: 

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. 


  • act as the main forum for engagement, fostering collaboration and communication, between the Financial Services Industry and Scottish Government
  • advise Scottish Ministers on matters relating to the financial services industry
  • provide oversight of progress against the SFE Strategy for the financial services sector
  • promote the long-term success, competitiveness and growth of the sector in Scotland and globally, continuing to enhance the sector’s symbiotic relationship and contribution to Scotland’s economy
  • maintain and enhance the business environment for the financial services industry in Scotland
  • aim to foster an environment in which the sector is able to thrive, increasing exports, investment and employment
  • engage on key issues and opportunities facing the sector, providing insight into trends and threats, with a clear focus on identifying appropriate action to be taken by the sector and/or government
  • oversee the work of the Green and Sustainable Financial Services Taskforce, which will set out a roadmap for Scotland to become a world-leading centre of Green and Sustainable Financial Services


  • FISGAD membership will reflect the sectoral diversity of Scotland's financial services industry
  • representatives of relevant UK authorities may be invited to attend and contribute to FISGAD's advisory function
  • individual members will serve in a personal capacity, but will draw on their experience as members of companies, departments, industry bodies etc. Members will be entitled to discuss possible changes of policy or practice without implying the approval of their organisations
  • membership is unremunerated
  • members may not send substitutes, as they are appointed personally. They may ask another member to represent their interests
  • membership will be restricted to a period of three years. The FISGAD Chair(s) may extend membership for a second term
  • if a member fails to attend more than 50% of the meetings over a two year period, membership will be reviewed by Chair(s) and Secretariat
  • FISGAD is committed to achieving and maintaining a 50/50 gender balanced board


  • FISGAD will be co-chaired at a senior Ministerial level with an industry co-Chair
  • FISGAD will meet quarterly
  • FISGAD's agenda will be constructed by its secretariat and agreed by the Chair(s) 
  • FISGAD meetings will be held in private, however in general, meeting notes will be made public once they are in final agreed form

Standing agenda items 


  • Scottish Government update 
  • SFE/Industry update including progress against the SFE-led Sector Strategy 
  • sector trends/Insights 
  • Green and Sustainable Financial Services Taskforce update 


  • review of TOR and membership 
  • review of Board’s work programme 
  • HMT update 

Green and Sustainable Financial Services Taskforce:

  • the vision of the Green and Sustainable Financial Services Taskforce is to secure Scotland’s place as a globally recognised centre in this area of financial services, and to maximise the economic and employment benefits
  • the Taskforce will run for three years and will meet 3-4 times annually, with working parties meeting more frequently
  • the membership will reflect the diversity of the ESG finance ecosystem drawing on both home-grown and international expertise
  • the Taskforce will directly report on progress and policy recommendations to FISGAD
  • the Taskforce will operate in a purely advisory capacity and the Scottish Government is not bound by any policy recommendations made by the Taskforce 
  • the Minister for Business, Trade, Tourism and Enterprise will lead an annual FISGAD agenda item reviewing the Taskforce’s outputs 

Accountability, governance and support 

  • decision making will be as far as possible by consensus, or by majority if consensus is not reached, with the Chair having a casting vote if necessary. Attendance of 12 (out of the current 19) members will be considered quorate
  • dedicated secretariat support will be provided by Scottish Government staff from within existing budgets
  • FISGAD may commission work through workgroups, facilitators, consultants, etc. Where such work is commissioned, FISGAD and Secretariat will seek to ensure it is carried out in a manner which meets the objectives of FISGAD
  • FISGAD will agree its press releases and communication materials
  • the Terms of Reference will be reviewed on an annual basis as a minimum
  • FISGAD will produce an annual public report on progress against objectives
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