Cicero Policy Briefer

Issue 10, March 2007

If I were Scottish Financial Enterprise…

By Jacob Coy

If I were Scottish Financial Enterprise, I would:

…host a major European financial services summit or working party meeting. The opportunity to host representatives from CESR, CEBS, European Commission, and the international financial services community would be an honour for Scotland and a tribute to its strong financial services heritage. Surely Scotland could lend 'Solvency II' a good Gaelic name to help it sound less like the ruler of an obscure dominion? (Target 2 Securities, or T2S, is another prime candidate for a better name.)

 

…convene a public meeting in late April where Gordon Brown and Alex Salmond are both asked to sign a commitment to support the Strategy for Financial Services in Scotland. This public-private collaboration has done much to focus thinking around Scotland's true potential to excel in the competitive, global marketplace. May it continue with support from the highest levels.

 

…showcase the reach of Scottish financial services companies through spots of creative advertising in a finite number of markets around the world. From China to Cape Town and Mallaig to Melbourne, the industry in Scotland spans the globe.

 

…go virtual. Scotland's financial services industry is much greater than any one place and it needs to have a robust online presence.

 

…launch an initiative to examine at how the public, private and voluntary sectors can work together to address the needs of funding for long-term care. The financial services industry in Scotland has expertise that simply must be tapped in a constructive way. Aging is an emerging issue for Scotland, the UK and Europe as a whole and it is an area which the industry is uniquely placed to lead.

 

…create a working group on Islamic financial instruments. London already has a strong track record in this regard, but there remains plenty of space for innovation and new activity. Sharia’a compliant financial products appear destined to continue down a path of tremendous growth and demand the world around. Making Scotland a capital for this kind of activity would only drive business to Scotland and member firms.

 

…collaborate with Edinburgh University's School of Informatics. The internationally renowned pioneering work at the School in areas of machine learning, NLP, computational linguistics, and software engineering would benefit from application-led joint ventures with Scotland's international financial services industry.

 

…facilitate an international development conference that uses the industry's reach and experience to further understand how innovative solutions can be employed to solve some of the most vexing questions. How could the industry assist small and growing businesses in problem areas such as credit and cash flow? How can the experience of private finance initiatives in the UK and Scotland be exported to build crucial infrastructure and public works?

 

…build on the success already achieved by CEO Amanda Harvie, Chairman John Campbell, the Board and the dedicated and capable staff (Tom Whittles, May Houston, and Jensen Wood).

Jacob Coy has acted as a consultant to Scottish Financial Enterprise. The views expressed in this article are his and not those of SFE, its board or its members.

Jacob Coy can be contacted on +44 (0)20 7665 9535 or click here to email.

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