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The Scottish Government and financial services industry yesterday published the annual report of joint industry advisory board FiSAB.

The report shows:

• Scotland continues to build the conditions necessary for future growth in financial services, while particular sectors - including insurance and fund management - continue to perform well
• The industry continues to attract skilled staff, including an increasing number of graduates
• Professional bodies continue to deliver a range of professional qualifications and other developmental activities which reinforce Scotland's reputation for a highly skilled financial services workforce

Speaking at the report launch at Edinburgh University's Business School, Finance Secretary John Swinney said:

"No-one can underestimate the extent to which the global financial crisis has affected Scotland. But the resilience of our financial services industry will ensure it is well positioned to play a full role in economic recovery.

"This report shows Scotland retains a financial service industry which continues to perform well, particularly in areas such as fund management and insurance, attracting a skilled workforce.

"To build on our efforts to position Scotland's economy for a strong recovery, the financial services industry must continue to attract a workforce of the highest calibre and provide a confident and capable customer base for financial services products.

"The Scottish Government is committed to working with the industry and the Financial Services Advisory Board (FiSAB) to ensure we create a business environment which will help both indigenous and foreign investors to succeed and grow.

"Together, we can ensure Scotland's reputation for internationally renowned financial services, tenacity and enthusiasm is sustained far into the future."

John Campbell, Industry Deputy Chairman of FiSAB, Chairman of Scottish Financial Enterprise and Senior Managing Director at State Street Corporation, said:

"We need to do what the industry does best when it is operating at its best - providing excellent services to customers; looking for the right opportunities for the future and promoting our people and skills. And as the global industry restructures, we need to remind homegrown, City of London-based, and international companies of the benefits of choosing Scotland as a financial services centre from which to do business.

"We do, after all, continue to have many top-class companies within our industry, who are internationally acknowledged as such. Let's not forget that."

The report launch, at Edinburgh University's Business School, will be followed by the latest meeting of FiSAB.

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