Scotland's financial services sector is well placed to continue to grow and make a major contribution to the Scottish economy, the Finance Secretary John Swinney said yesterday.
Scotland's financial services sector is well placed to continue to grow and make a major contribution to the Scottish economy, the Finance Secretary John Swinney said yesterday.
He was launching the Financial Services Strategy annual report at a business breakfast in Edinburgh, the first of a series of events in a Global Financial Services Week' which is being staged by the Scottish financial industry.
The strategy is supported by the Financial Services Advisory Board (FiSAB), the pioneering collaboration between financial companies, unions, the Scottish Government, Scottish Enterprise and Universities Scotland.
Swinney said: "Global Financial Services Week comes at a time when Scotland's economy is in good shape in the face of challenging global conditions. With the US economy seeing a rise in unemployment and parts of Europe showing slowing activity, the Scottish economy compares favourably to the UK, with retail sales and house prices holding up well."
He admitted however that growth would be "at a more subdued rate than in the past few years".
He said the £7bn financial services industry would make a critical contribution to increasing sustainable economic growth. "With a skilled workforce, strong expertise in banking and insurance and world-class companies loc ated and growing in Scotland, we will do all we can in collaboration with the industry to ensure financial services in Scotland maintains its excellent reputation."
John Campbell, deputy chair of FiSAB and chairman of Scottish Financial Enterprise said: "While we have a long history and an impressive record, we are acutely aware of the need to continue to address international markets and to respond to challenges in the environment. "
The Chartered Institute of Bankers in Scotland says the credit crunch has offered Scotland the chance to export its banking ethics.
Simon Thompson, chief executive of the institute, said: "Demonstrating ethical behaviour in banking has moved right to the top of the industry's agenda."
He went on: "One of the big strengths for which the Scottish financial services industry is renowned is our emphasis on prudence and professionalism it is a characteristic that Scotland now has a unique opportunity to export."
Thompson said even before Northern Rock and the current liquidity crunch, banks and building societies could see reinforcing professional and ethical standards had become critical to rebuilding public esteem for bankers which "had fallen so much further than in other professions".
He added: "All banks realise they must raise customer experience by investing in higher standards of professionalism. Current events have added urgency to this."
