SFE Member Update | June

Following the successful launch of our strategy last month, we are making good progress with establishing a strong activation framework which will support the implementation.
 
After a steady stream of positive media coverage and encouraging sentiments from key politicians, our focus now is on further building upon stakeholder relationships with media and government in both Scotland and the rest of the UK, developing new content within each of the key themes, and continuing to drive a drumbeat of news and policy developments.
 
In order to maintain and build new momentum, at our SFE Board in June we agreed on how we will ensure effective activation of the strategy, clear governance and actions to create meaningful and on-going member engagement.
 
We agreed to:

  • Align Board sponsors to each of the main strategic themes
  • Reenergise key sector groups with named senior industry leaders
  • Invest some cash surplus into targeted areas such as benchmarking and research
  • Introduce a simple outcomes framework

Separately, we are also establishing a Policy working group within our broader Public Affairs and Communications forum, to develop the sector narrative and work with members to develop messaging and plans within each of the strategic themes.
 
We are also moving forward with our plans to make financial services the leading industry in supporting young people from all backgrounds to have opportunities and develop a successful career, whether that’s accessible and supported pathways from school to work, early career training and development, or the quality of jobs and fair work we offer.
 
A great it example of this is our Unified Schools Programme (USP) which we have been working hard to drive forward in recent months. We recently designed a new website and we’d welcome your help to promote it and widen its reach when we formally launch it at the end of August. The programme is industry-led and we are always looking for member participation. I would encourage any member keen to engage to get in contact with our Head of Skills & Talent Caitlin Cooke at ccooke@sfe.org.uk. A summary of this month’s USP activity can be found below.
 
Thank you for your continued support and for helping to make it such an exciting time for SFE and the sector.
 
Kind regards,
Sandy

Government engagement

  • Sandy and Philip met with Minister for Business, Trade, Tourism and Enterprise Ivan McKee on 8 June to discuss the wider economic recovery, the sectors role and the strategy.
  • Sandy met with officials from HM Treasury on 9 June to discuss the launch of our strategy, engagement with the Treasury on key themes and in particular economic recovery and journey to net zero.
  • Sandy and Philip met with Finance & Economy Secretary Kate Forbes and Minister for Business, Trade, Tourism and Enterprise Ivan McKee on 14 June to discuss business engagement, the banking barometer and Young Person’s Guarantee and financial services.
  • Sandy facilitated a National Economic Forum session on the Young Person’s Guarantee and opportunities for young people with Cabinet Secretary for Education & Skills, Shirley-Anne Somerville, and Minister for Further Education, Higher Education and Science of Scotland, Jamie Hepburn
  • Sandy, Philip and other business leaders met with Finance & Economy Secretary Kate Forbes 22 June to discuss the latest covid review
  • Sandy continues to attend weekly meetings with Scottish Government and business trade bodies. If you have anything you would like Sandy to raise on these calls please get in touch with him direct or our Director of Public Policy & Communications, Sandy Macdonald, smacdonald@sfe.org.uk

Kalifa Review of UK Fintech with EY & Fintech Scotland
On 21 June we partnered with EY and FinTech Scotland for an event discussing the immigration proposals in the Kalifa Review of UK Fintech the financial services sector. The panel included Seema Farazi Partner at EY, Stephen Ingledew, Executive Chair at FinTech Scotland, Myles Stephenson Chief Executive at Modulr and James Varga, Chief Executive at DirectID.  Watch the event on demand here.
 
SFE YP & 1825: What is financial wellness?
Scottish Financial Enterprise partnered with 1825 Financial Planning on 10 June for an event exploring the changing environment in savings for young people and the link between financial wellbeing and mental health with , Private Client Manager, and Fraser Kerr, Customer Solutions and Strategy Lead.  
Upcoming events

  • On 13 July, Stephen Pegge, Managing Director at UK Finance will be joining for another session on recapitalisation, following our previous joint event in February. This is a chance to hear about the current data and what is expected in the second half of 2021. Register here.
  • On 23 July we’ll be partnering with Scottish Financial Risk Academy for an event with Tom Mutton, Director of Fintech at Bank of England, to look at the latest developments regarding digital currency. Invites will be made sent to members soon.
  • On 28 July we are partnering with Fujitsu for an event exploring the work life shift and its implications for the financial services sector with a panel of business leaders. Invites will be made sent to members soon.

Fast Track into Financial Services wins award
Fast Track into Financial Services won the Partnership Award at the 2021 Herald Higher Education Awards, which took place on 17 June. City of Glasgow College and Edinburgh College were awarded for their strategic approaches in partnership to effect change and enhance the student experience. Find out more about the awards here.
 
Fast Track mock interviews
Colleagues at SFE member firms and partner organisations met with students on the Fast Track to Financial Services students at City of Glasgow and Edinburgh College to give mock job interviews. The sessions were designed to help students build skills and confidence as they make their next steps into the sector.  Find out more about the award-winning six-week course here.
 
Unified Schools Programme update
There has been a considerable amount of activity over the last month with SFE’s USP programme. Here is a summary of the month’s activity:

  • SFE Unified Schools Programme partnered with Enable Scotland deliver a tailored session on careers in financial services for young adults with Additional Support Needs (ASN).
  • SFE's Unified Schools Programme delivered a number of sessions in June for secondary schools on the various career paths and roles in financial services via Developing the Workforce Live.
  • SFE Unified Schools Programme partnered with Career Ready on 24 June to deliver two workshops for 16-18 year olds to consider the diverse career pathways into financial services.

Click here for more information on how your organisation can engage with USP.
 
SFE Young Professionals blog
In the latest Young Professionals blog, new Deputy Chair for Edinburgh and Senior Researcher at Carlyle Meg Whyte summarises her perspective on financial services and explains why she chose to join the network. Read the blog here.
 
Sandy writes in The Scotsman
SFE Chief Executive Sandy Begbie wrote an article in The Scotsman about the motivation behind Scotland’s Financial Services Strategy, and what SFE hopes to achieve on climate change, economic recovery, skills and inclusion and changing customer needs. Read the full article here.
 
EY attractiveness survey
Scotland continues its decade-long trend as the most attractive UK location outside London for financial services foreign direct investment (FDI) according to EY's latest UK Attractiveness Survey for Financial Services. Read more, including comment from SFE Board member Sue Dawe and SFE Chief Executive Sandy Begbie CBE via Scottish Business Insider.
 
Skills for Future Success report
New research from The Professional & Business Services Council and the Financial Services Skills Commission has shown opportunity to bolster regional economies by up to 12% by addressing skills gaps in financial, professional & business services.
 
The research was supported by The City UK, PwC, Capgemini, City of London Corporation. Read it in full here.
 
Burness Paull Financial Services Summer Series
Burness Paull are hosting a series of short summer webinars from 6 July to 27 July focusing on the UK’s financial services regulatory regime. For information on how to sign up, click here.
 
Employer Partner Pack UK points-based immigration system 
The Home Office has introduced an Employer Partner Pack for the UK points-based immigration system which provides information about the new system for employers and your stakeholders, as well as a suite of digital and print assets which employers are free to promote via social media. Access the pack here.
 
Skills Development Scotland workshop
Skills Development Scotland has commissioned a research project into skills demand and supply for the sector which could inform skills investment, in alignment with the ambitions of SFE’s recently published Financial Services Strategy for Scotland.  Industry insight is a crucial aspect of this project and we would invite SFE members to participate in a workshop to support this work on 11 August 2021, 15.00 – 16.30. If you are interested in joining the workshop, please contact ian.hanson@sds.co.uk before 15 July.