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Note of FiSIG meeting

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Note of FiSIG meeting

    Note of FiSIG meeting

    Tuesday 13 March 2007 at SDI, Glasgow

Attendees:

    Liz Cairns Amicus

    Danny Cusick - Scottish Development International - Chair

    Douglas Greig Scottish Executive

    Amanda Harvie Scottish Financial Enterprise

    Alan Murray Standard Life

    Margaret McGrath Scottish Executive

    Helen McNeill Scottish Executive

    Simon Palmer Lloyds TSB Scotland

    Brenda Rankin Scottish Enterprise

Apologies:

    Steven Cameron Aegon, Cathy Malone - Scottish Enterprise, Sam Walker Aberdeen

    Asset Management

STANDING ACTION / DECISION WHO

    ITEMS

    Actions on-going ; Amanda to check for financial services firms in AH

    or arising from Scotland in receipt of R&D Tax Credit willing to be

    last meeting: used as a case study

1. European Policy

    1.0 Stephen Fox, Scottish Executive EU Office, introduced the paper which was issued prior to the meeting on current EU financial services policy. In addition to the detail in the paper, Stephen talked about Lamfalussy, the process by which the EU develops financial services regulations. It is composed of four "levels," each focusing on a specific stage of the implementation of legislation. The Lamfalussy Process provides several benefits over traditional lawmaking, including more-consistent interpretation, convergance in national supervisory practices, and a general boost in the quality of legislation on financial services. 1.1 The meeting also discussed other UK region’s level of EU engagement. It was noted that outside Scotland, engagement is sector driven and that Scotland is the most proactive region. It was agreed that in terms of ensuring that Scotland’s agenda is highlighted at EU

    level, the Secretarty of State for Scotland’s presentation to Chancellor’s HLG on May 9 is a useful mechanism, together with direct engagement with the European Parliament, Commission and officials by FiSIG partners. It was noted that current engagement could be enhanced and better co-ordinated. To take this forward, it was agreed that Stephen and FiSIG would meet in June (ahead of the SFE event with John Purvis MEP) to discuss influencing the long-term EU agenda. Action Helen to note on next agenda

    2. Launch event for the 2007 Annual Report

    2.1 A number of issued around the planning of the launch event were discussed and actioned prior to the event on 30 March.

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3. Forward Planning and FiSIG Sub Groups

    3.1 Margaret introduced the session by noting that FiSIG would commence a bi-monthly meeting cycle, with sub group activity in the intervening months, from April - for reference a meeting schedule is attached at Annex A. FiSIG members who are not specifically listed as members of the various sub groups will be welcome to attend any sub group. Annex B highlights members of the sub groups and the revised Terms of Reference (ToR) agreed by FiSIG. It was further agreed that the FiSIG ToR be revised to include the appointment of a Deputy FiSIG Chair currently Danny Cusick.

4. Regulation and Events

    4.1 It was agreed that the regulation and events agenda item could be improved by all members noting up-coming events ahead of the meeting. When a draft agenda is issued for comments, all members will now be asked to note relevant events.

5. Date of next meeting

    5.1 The scheduled March meeting will be held on Tuesday 10 April at Aberdeen Asset Management and will start at 10.00 am. Liz noted her apologies.

6. Meeting Review

    6.1 This new agenda item was added to ensure that FiSIG progresses each item of business or records follow up action. Members agreed that it was an effective way to manage meetings.

FiSIG Secretariat, 5 April, 2007

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ANNEX B:

COMMUNICATIONS GROUP MEMBERSHIP AND TERMS OF REFERENCE

Core members: Amanda Harvie SFE - Chair

     Sam Walker AAM

     Danny Cusick SDI

     Stephen Sharp Scottish Enterprise

     Wayne Oxley - Scottish Enterprise

     Margaret McGrath Scottish Executive

     Helen McNeill Scottish Executive

Wider group (may be factored in as necessary):

     Judy Torrance - Scottish Enterprise

     Fiona Buchanan - Scottish Enterprise

     Louise MacDonald Scottish Executive

    The secretariat function will be provided by the Scottish Executive.

Strategic aim

Raise the profile of Scotland’s international financial services centre to key audiences in

    Scotland and around the world

Purpose and remit

    To take forward all FiSIG communications and promotion activity by:

     delivering the Communications Plan

     developing subsequent actions

Time frame

The Communications Sub Group will meet for the lifetime of FiSIG. Membership will be

    reviewed in March on an annual basis to coincide with the start of each new year of Strategy

    implementation.

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SKILLS GROUP MEMBERSHIP AND TERMS OF REFERENCE

Confirmed: Cathy Malone - Scottish Enterprise Chair

     Mike Avis - FSSC

     Amanda Harvie - SFE

     Margate McGrath - Scottish Executive

     Liz Cairns or Walton Pantland Amicus

     Helen McNeill Scottish Executive

     Martin Boyle Scottish Executive

     Industry FiSIG members

Invited: Scottish Investment Operations (Alan Thornburrow)

     Chartered Insurance Institute (Shona Downie)

     CIOBS (Colin Morrison / Giles Cuthbert)

     Scottish Funding Council (David Baudains)

     ICAS (writing to Anton Colella)

     Job Centre Plus (need a name suggested)

The secretariat function will be provided by the Scottish Executive.

Strategic aim

    To ensure Scotland offers a labour market which supports the internationally competitive financial services industry, by meeting the industry’s current skills requirements and anticipating future requirements

Purpose and remit

    To provide the mechanism for all FiSIG skills and labour market activity to be taken forward. This includes:

     delivery and continuous improvement of the range of targeted skills initiatives (public

    sector and professional bodies)

     working in partnership with the FSSC to deliver the complementary aims of the

    Strategy for the Financial Services Industry in Scotland and the FSSC.

     ensuring that the Scotland agreement is in line with other national and regional

    financial services skills agreements on relevant pan-UK regulatory skills provision

     Agree the Financial Services Sector Skills Agreement

Time frame

    Given that people and skills are the main focus of the Strategy, the Skills Sub Group will meet for the lifetime of FiSIG. Membership will be reviewed in March on an annual basis to coincide with the start of each new year of Strategy implementation.

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FINANCIAL EDUCATION & CAPABILITY GROUP MEMBERSHIP AND TERMS OF

    REFERENCE

Members: Amanda Harvie - SFE

     Charles Munn - CIOBS

     Giles Cuthbert - CIOBS

     Jim Lally - SCFE

     Liz Cairns - Amicus the Union

     Catriona McKay - Scottish Executive

     Margaret McGrath - Scottish Executive

     Helen McNeill - Scottish Executive

     Suzanne Bruce Scottish Enterprise Glasgow

     Allison Barnes FSA secondee

     Industry FiSIG members

Chair to be agreed.

    The secretariat function will be provided by the Scottish Executive.

Strategic aim

    To raise the financial capability of young people and the wider population by building on Scotland’s existing lead in this area.

Purpose and remit

    To provide the mechanism for FiSIG financial education and financial capability activity to be taken forward. This includes:

     taking forward the SCFE Framework for Financial Education by:

    o developing an action plan to implement the framework (key focus areas are

    capacity building for the SCFE, joint promotional activity with FiSAB and

    enabling industry leaders to be Financial Education champions by creating

    and distributing key messages)

    o compiling a map of all financial education activities in Scottish schools

     Need to articulate financial capability in the wider population actions sub group to

    agree at May 2007 meeting

Time frame

    The Financial Education & Capability Sub Group will meet for the lifetime of FiSIG. Membership will be reviewed in March on an annual basis to coincide with the start of each new year of Strategy implementation.

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GENDER PAY GAP GROUP MEMBERSHIP AND TERMS OF REFERENCE

Members: Amanda Harvie SFE

     John Wilkes - Equal Opportunities Commission

     Emma Ritch Close the Gap

     Siobhan Endean - Amicus the Union

     Cathy Malone - Scottish Enterprise

     Christine Reid - Scottish Executive

     Denise Laughlan - Scottish Executive

     Margaret McGrath - Scottish Executive - Chair

     Wendy McCutcheon - Scottish Executive

    The secretariat function will be provided by the Scottish Executive.

Strategic aim

Encourage an increased and diversified pool of potential employees for the [financial

    services] industry.

Purpose and remit

To provide the mechanism for FiSIG gender pay gap activity to be taken forward. This

    includes

     reviewing and agreeing the evidence of a gender pay gap

     agree actions to address the issues

     make appropriate recommendations to FiSIG on actions to be taken

Time frame

    The Gender Pay Gap Sub Group will meet during year 3 (April 2007-March 2008)

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INDUSTRY & UNIVERSITY COLLABORATION SUB GROUP

Members: Amanda Harvie SFE

     Margaret McGrath - Scottish Executive

     University reps

     Industry HR rep

     Industry FiSIG members

The secretariat function will be provided by the Scottish Executive.

Strategic aim

    Build opportunities for the financial services industry and Scotland’s further and higher education providers to gain advantage from greater collaboration.

Purpose and remit

The role of this group is to:

    Increase the level of collaboration between the financial services industry and universities in Scotland to contribute to the Strategy for the Financial Services Industry in Scotland which aims to deliver the vision of:

    “an innovative, competitive and thriving international financial services industry in Scotland, underpinned by world-class infrastructure and universally recognised as a leader on the global stage

    Three overarching areas of activity have been identified, encompassing:

    ; Skills, knowledge and experience

    ; Research

    ; Internationalisation

and the sub-group will take action to:-

Skills, knowledge and experience

    Input to course development on both core and “soft” skills required in recruits to the financial services industry by

    o identifying the relevant core skills and soft skills;

    o producing outline specifications for specific modules to be delivered;

    o marrying relevant modules to individual courses

    Provide appropriate higher education opportunities for non-graduate employees of financial services companies by

    o identifying the areas of FS work where companies currently recruit non-

    graduate staff who would benefit from higher education if delivery enabled

    continued employment;

    o identifying appropriate flexible learning modules which can be undertaken on

    a part-time basis;

    o ensuring the mix of practical, examination and project work used to assess

    students takes relevant account of employment-based practical assignments

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Increase industry “mentors” and visiting teaching/lecturing posts by –

    o industry identifying appropriate professionals to undertake these roles;

    o universities providing appropriate information and training to assist financial

    services professionals gain skills required;

    o industry/universities identifying financial services professionals currently

    undertaking this work to act as role models to encourage participation

Increase the number of work placements in financial services companies by

    o surveying all medium to large companies across all sectors within the

    financial services industry in Scotland for information on placement

    opportunities within their organisations;

    o Universities Scotland to set up a centralised database which can be accessed

    by all universities

    Research

    Identify the skills which will be required by financial services professionals in 5-10 years, in order to assist in appropriate industry workforce planning by

    o identifying the financial services products which will be required to meet the

    needs of financials services customers in the future;

    o identifying the scope and remit of the research studies required to identify

    both products and skills;

    o identifying (making use of Interface as required) the most appropriate

    research centre for each of these studies;

    o designing a research proposal which identifies work required as well as

    resources and timescales;

    o FiSAB considering the proposal and suggesting possible sponsors for this

    work.

Internationalisation

    Improve the international experience of “Scottish” graduates by increasing the opportunities for international “internships” by-

    o identifying all financial services companies in Scotland with global

    connections;

    o providing the position paper on the strengths of the university sector in

    Scotland to these companies; identify the advantages to be gained by

    companies of setting up foreign “internships”;

    o set up a central database of relevant contacts within each company which

    can be made available to all universities

    The Sub group will report directly to FiSIG which will have overall responsibility for ensuring action in support of the above remit and for progress reporting to FiSAB. The first action for the sub-group will be to agree a work plan which clearly sets out responsibilities and completion dates for all actions, across the short (1 year), medium (2-4 years) and long (5+ years) term.

Time frame

To be agreed.

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