This item was published during the term of a previous administration that ended in April 2007
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Financial Services Strategy Group
22/09/2003
First Minister Jack McConnell today announced the creation of the Financial Services Strategy Group (FSSG) at the esure insurance building in Glasgow. Mr McConnell was visiting the company to congratulate them on creating seven hundred and fifty jobs in the city over the past eighteen months.
The FSSG brings government together with the sector's major firms, representative groups and trade unions. It aims to continue the success and growth in a sector which already employs many thousands of people and to develop Scotland's position as one of Europe's major financial centres.
The group will be chaired by Deputy First Minister and Minister for Enterprise and Lifelong Learning, Jim Wallace.
Speaking in Glasgow, the First Minister said:
A successful financial services sector is absolutely critical to a successful Scottish economy. Our business skills, our education system and our world wide reputation for finance have all contributed to the success of our financial services. The many thousands of people who work in the sector in this country are testament to a Scottish success story.
The new Financial Services Strategy Group, which I have great pleasure in launching today, is about writing a new chapter in this success story. This new partnership between the Scottish government and our leading financial companies will help the sector grow and develop. It is about making sure that the sector has a channel to tell us what more we can do to assist them.
The Scottish government is determined to create the conditions that will bring about real, long term, sustainable economic growth - but I know that we cannot do it alone. Working together with business we can create the confidence that will make Scotland one of Europe's most dynamic and prosperous countries.
Deputy First Minister and Minister for Enterprise and Lifelong Learning, Jim Wallace echoed these sentiments, saying:
We have made absolutely clear that our top priority is growing the economy. Supporting the success of our financial services sector will be crucial to achieving this.
As Chair of the new group, I am particularly committed to working with a range of stakeholders, including the sector and unions, to help ensure a vibrant future for financial services in Scotland.
Peter Wood, Chairman of esure said:
We welcome the launch of the Financial Services Strategy Group today. With its rapid growth in Glasgow in the last two years, esure has proved that Scotland offers an excellent economic climate for new - as well as existing
- financial services companies.
Financial Services Strategy Group
The group will be chaired by the Deputy First Minister and Minister for Enterprise and Lifelong Learning, Jim Wallace. It will bring together key players from across the private sector as well as the Scottish Executive, Scottish Enterprise and Scottish Financial Enterprise and will see union representation from Amicus and Unifi.
The role of the group is to align the public and private sectors to develop and to deliver a shared strategy for the financial services industry in Scotland.
Regional Selective Assistance and the Financial Services Sector
Regional Selective Assistance (RSA) is the main national scheme of financial assistance to industry. It provides discretionary grants for investment projects that will create or safeguard jobs in Assisted Areas - areas designated for regional aid under European community law. The scheme is administered by the RSA Scotland unit of the Scottish Executive. For further information on the scheme visit www.rsascotland.gov.uk
Aid for Job Creation was introduced to the RSA scheme to enable the Executive to consider projects for assistance that involve relatively low levels of capital expenditure but which involve the creation of new jobs.= This is particularly suited to supporting knowledge intensive industries such as software development and financial services.
Esure Holdings Ltd received an offer of RSA totalling £1,000,000 in September 2001 to establish in Glasgow and to create 400 full time jobs. The company received a further offer of £250,000 RSA in August 2002 to increase its capacity and to create a further 175 full time jobs.
Payment of RSA is made in instalments. Typically over several years as job and capital expenditure targets are met. The amounts quoted, therefore, represent the maximum grant potentially payable if the project is satisfactorily completed, and not the amount actually paid to date.