EXPERTS seemed happy the latest report on the state of Scotland’s financial services industry by TheCityUK confirmed a key sector is in good shape.
Read more: Scottish financial services industry outpaces London
Graeme Jones, who runs industry body Scottish Financial Enterprise, said the significant growth in jobs in 2016 highlighted by the report was a pleasing sign, accompanied by other evidence of the vibrancy of the financial and related professional services industry.
“Scotland’s emerging fintech ecosystem and data driven innovation compliments our traditional strengths in banking, insurance, pensions and fund management,” noted Mr Jones.
Lindsay Gardner, who chairs PwC’s Scottish business said he had complete confidence the positive story portrayed in the report would continue in the face of ongoing challenges. Native Scottish workers and the huge numbers drawn from overseas will continue to build on Scotland’s globally respected record of innovation.
But it may be some time before the scale of the challenges facing the sector becomes clear.
Scottish firms will want to maximise access to the single market after Brexit.
Scotland could cash in on growing demand for Financial Technology but we don’t know how much damage the new players who use it will do to the incumbents in the country.
Rationalisation in the sector may cause pain in Scotland as Standard Life and Aberdeen Asset Management work through the merger they agreed last year and Clydesdale Bank owner CYBG prepares to combine with Virgin Money.
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