Body for ‘powerhouse’ sector employing 150,000 people in Scotland hails 40th anniversary
“While much has changed, the purpose of SFE today is almost identical to what it was in 1986” – Sandy Begbie
Scotland’s membership and lobby body for the financial and professional services industry is marking 40 years since its launch.
Scottish Financial Enterprise (SFE) saw its celebrations commence with a reception at the Royal Society of Edinburgh, where the organisation was launched in 1986. The anniversary event brought together senior leaders, policymakers and industry pioneers from across the UK to reflect on four decades of growth and to look ahead to the future of the sector.
Since the launch of SFE, the financial services industry in Scotland has expanded considerably. From its traditional roots, the sector has evolved into a global powerhouse, establishing Edinburgh as the UK’s second-largest financial hub and Glasgow as a world-class centre for financial technology, or fintech, and support operations.
Overall, the sector now accounts for about 10.5 per cent of Scotland’s gross value added (GVA), - a measure of economic output - some 150,000 jobs and recently broke £12 billion in exports.
Sandy Begbie, chief executive of Edinburgh-based SFE, said: “Despite bumps along the way our sector continues to outperform and contribute substantially to the UK and Scottish economies. While much has changed, the purpose of SFE today is almost identical to what it was in 1986. Personally, it is a privilege and a career highlight to be the CEO of SFE.”
Gail Izat, chief operating officer for Standard Life’s pensions and savings business, said: “Financial services remain a core pillar of the Scottish economy and the strength lies in the skilled workforce, a long-term record of innovation and a supportive ecosystem that nurtures talent, fosters competition and drives growth. It’s an agenda that Scottish Financial Enterprise has championed for the last 40 years.”
The introduction of SFE in 1986 was billed as a “new and timely force for promoting the financial community in Scotland by helping to improve awareness… of the scale, range and quality of the expertise in the community”, with the joint roles of convening, connecting and collaborating in order to be the voice of the sector.
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