First meeting

New financial services board focuses on recovery

Sandy Begbie
Sandy Begbie: timely moment

A rehashed committee of senior politicians and business leaders aimed at focusing government policy on recovery will hold its first meeting today.

First Minister Nicola Sturgeon, and Scottish Financial Enterprise chairman, Phillip Grant, will co-chair the Financial Services Growth and Development Board.

It replaces the outgoing Financial Services Advisory Board as the main forum for discussion between the Scottish Government and industry leaders in the financial and related professional services sector.

It is the biggest contributor to Scotland’s economy at 9.2 % GVA and employs around 160,000 directly.

The industry’s contribution to the board will be led by Scottish Financial Enterprise (SFE),

The reshaped forum will have a clear focus on advising Scottish Ministers on areas of priority relating to the financial industry and align closely with SFE’s five-year strategy published last year. 

First Minister Nicola Sturgeon said: “As we emerge from the COVID-19 pandemic, we must work together to seize Scotland’s potential and build a recovery for everyone which delivers greater, greener and fairer prosperity.

“Financial and related professional services will play a key role in this process, from supporting businesses and households through economic recovery to facilitating the investment that will underpin a just transition to net zero. 

“I look forward to working with the Financial Services Growth and Development Board to create new opportunities for growth and development in communities across Scotland.”

Philip Grant, SFE Chairman and chairman of Lloyds Banking Group’s Scottish Executive Committee, said: “The establishment of the Financial Services Growth and Development Board marks an important step in SFE’s clear desire to work more closely with Government in the interests of our members, the broader industry, and the communities we represent.


Sandy Begbie, SFE chief executive said: “The establishment of this board comes at a timely moment in our sectoral ambition to support an accelerated green economic recovery. Scotland faces significant challenges with economic growth stalling and a cost-of-living crisis affecting households across the country.

“Financial and related professional services have a central role to play in helping to mitigate these challenges and create new opportunities for growth and development, and I’m confident that if we do, Scotland has all ingredients to thrive in 2022 and beyond.”

The Financial Services Growth and Development Board:

Koral Anderson, Barclays

Nicola Anderson, Fintech Scotland

Sandy Begbie CBE, Scottish Financial Enterprise

Stephen Bird, abrdn

Malcolm Buchanan, NatWest

Maggie Craig, Financial Conduct Authority

Andy Curran, Phoenix Group

Sue Dawe, EY

Philip Grant, SFE / Lloyds Banking Group

Louisa Knox, Shepherd & Wedderburn

Angus Macpherson, Noble Group

Gerry Mallon, Tesco Bank

Eilidh McTaggart, Scottish National Investment Bank

Barry O’Dwyer, Royal London

Claire Reid, PwC

Alastair Ross, ABI

Vida Rudkin, Morgan Stanley

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