Financial Services Advisory Board: terms of reference

The terms of reference for the Financial Services Advisory Board (FiSAB).

Key roles

  • advise Scottish Ministers on matters relating to the financial services industry
  • foster collaboration and communication between the Scottish Government, its agencies, other public sector bodies and theindustry
  • maintain and enhance the business environment for the financial services industry in Scotland

Guiding principles

FiSAB is a partnership between industry, the trade unions 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.

Working practices


FiSAB will be chaired at a senior Ministerial level with an industry Deputy Chair.

FiSAB will meet at least twice a year.

FiSAB's agenda will be constructed by its secretariat and agreed by the FiSAB Chair and industry Deputy Chair.

FiSAB meetings will be held in private, however in general, meeting notes will be made public once they are in final agreed form.


FiSAB membership will be constructed so as to contain members from industry and from the trade union movement as well as from relevant organisations, including the Scottish Government, Scottish Enterprise and Scottish Financial Enterprise.

Representatives of relevant UK authorities may be invited to attend and contribute to FiSAB'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.

New members will be appointed by the Chair in consultation with the Industry Deputy Chair. Membership will be restricted to a period of 3 years. The FiSAB Chair may extend membership for a second term in agreement with the Industry Deputy Chair.

If a member fails to attend more than 50% of the meetings over a 2-year period, membership will be reviewed by the Industry Deputy Chair and Secretariat.

Representation by industry members will reflect the sectoral diversity of Scotland's financial services industry. Achieving this will be the responsibility of the Chair and Deputy Chair.
FiSAB is committed to achieving a 50/50 gender balanced board by 2020.


FiSAB may commission work through workgroups, facilitators, consultants, etc. Where such work is commissioned, FiSAB and Secretariat will seek to ensure it is carried out in a manner which meets the objectives of FiSAB.

FiSAB will agree its press releases and communication materials.

FiSAB Secretariat 2015



Telephone: 0300 244 1196

Scottish Government
Financial and Business Services Team
Innovation, Investment & Industries Division
Directorate for Economic Development
5 Atlantic Quay
150 Broomielaw
G2 8LU

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