City watchdog FCA to host annual meeting in Edinburgh for first time
“Bringing our annual public meeting to Edinburgh for the first time is a deliberate step to strengthen our visibility and accountability right across the UK” – Ashley Alder, FCA chair
The Financial Conduct Authority is to hold its annual public meeting in Edinburgh for the first time in a “milestone” move for the City watchdog.
News of the meeting - due to be staged on October 6 - coincides with a visit to Edinburgh today by FCA chair Ashley Alder, who is opening new office space as part of the regulator’s commitment to Scotland, where it already employs scores of people.
The FCA noted that Edinburgh continued to strengthen its position in global financial centre rankings, underlining Scotland’s importance to the UK’s financial services sector and its international competitiveness.
The annual public meeting will take place within the capital’s Assembly Rooms, and be a hybrid event, with people able to join online as well as in person, helping to widen participation. The FCA said it would be an opportunity to hear from the regulator on its work over the last year and on its priorities, and for firms and consumers to ask questions.
Alder said: “Bringing our annual public meeting to Edinburgh for the first time is a deliberate step to strengthen our visibility and accountability right across the UK. Scotland is a critical part of the UK’s financial services sector, and as we continue to grow our presence here, we want to be closer to consumers and the firms we regulate.
“Holding the APM in Edinburgh reflects our focus on being more outward-facing, more engaged, and better connected to the markets we serve.”
Chris Cummings, chief executive of the Investment Association, said: “Edinburgh has a long heritage as a leading centre for financial services, including investment management, and it’s great to see that recognised as the city hosts the FCA’s annual public meeting.
“This is the first time the meeting has been held outside London, underlining both Edinburgh’s importance to the financial services sector and the FCA’s role as a UK-wide regulator.”
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Sam Ghibaldan, chief executive of Consumer Scotland, said: “Consumer Scotland has a strong relationship with regulators, including the FCA.
“I am delighted the FCA has chosen to hold its annual public meeting in Scotland for the first time. Consumers in Scotland face a variety of challenges such as access to cash, affordable credit and financial inclusion, and we look forward to continuing our work with the FCA on these issues.”
A study last year found that Scotland had further strengthened its position as a top European financial and related professional services hub, supporting more than 150,000 people.
Industry body TheCityUK said the sector contributed £17.7 billion to the national economy - 10.5 per cent of Scotland’s gross value added (GVA) - in 2023, based on the latest available data. Some 151,000 people are employed in banking, financial and related professional services in Scotland, according to the organisation’s report.
Last week saw Scotland’s membership and lobby body for the financial and professional services industry mark 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.
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