Overview of the Scottish financial industry
Scotland has a distinguished history in financial services that dates back over 300 years. It is one of Europe’s leading financial centres and the second largest financial hub in the UK next to London. Scotland is particularly recognised for its strengths in banking; life assurance and pensions, investment management, and asset servicing. It also has vibrant general insurance and corporate finance and broking services sectors, and a strong community of professional advisors and business service companies that work with the industry. The international financial services industry based in Scotland has a long-held reputation for innovation and excellence and provides financial products and services to businesses, private and public organisations, and individuals across the world.
A quality environment
In addition to the success and growth of Scotland’s indigenous financial services companies, much of the expansion of financial services activity in Scotland over the last few years was the result of substantial new investment into Scotland. One of the key drivers of this is the quality of environment that Scotland offers for financial services companies and the people that run them. Scotland provides a winning business proposition with its highly skilled workforce, transport connections, wide choice of attractive locations, modern and cost-effective office premises, comfortable housing, quality healthcare and education, and unparalleled leisure opportunities with some of the most beautiful countryside in the world only minutes away from its city centres.
The Scottish Government recognises the importance of the industry, underlining its support through its commitment to the Financial Services Advisory Board, which is chaired by Scotland's First Minister. The Board is a partnership between the public sector and the industry, including Scottish Financial Enterprise, universities and unions. Together the partners have created a financial services strategy focused on strengthening Scotland's workforce and business environment, increasing our profile as a financial centre and enhancing the industry's competitiveness by supporting product and service innovation.
