SFE chief calls for inclusion

Sandy BegbieSandy Begbie
Sandy Begbie | Supplied
If financial inclusion is to be increased in Scotland, the financial industry needs to step up to the challenge, according to Sandy Begbie, chief executive of Scottish Financial Enterprise.

Begbie was speaking recently at The Lang Cat consultancy’s Home Game 4 event in Edinburgh, during its State of the Scottish Nation: What Next for Financial Services? session.

He explained the extent of the disparity when it comes to accessing financial services. He said at least 100,000 people in Scotland don’t have access to a bank account.

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He described this as a “complex issue” that has a knock on effect on such areas as employment. “Everyone should have access to a bank account,” he added.

He went on to say that next year, the SFE will be working with the likes of the third sector, banks and the Financial Conduct Authority to address the problem of having a large “unbanked population”.

During the same session, Alastair Ross, assistant director and head of public policy (Scotland, Wales and NI) at the Association of British Insurers, said the industry has to get better at explaining financial issues and be “more creative and diverse”.

In another session, Advice: The Next Generation, Gee Foottit of St James’s Place Academy told the gathering that, in terms of diversity, the sector has an “image hangover from the past” that had to be addressed. She added: “You don’t need to wear a suit to be a financial adviser.”

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And she explained that 60 per cent of their academy intake have had no financial services experience, and there is no upper age limit to access.

The topics of consolidation in the financial advice sector and the question of pros and cons of bigger and smaller firms were also discussed on the day.

Gordon Wilson, managing director of Carbon Financial, told the Home Game 4 attendees that important factors to consider are values, people and how a financial advice business is run, rather than just size.

Jo Wall of Joyful Wealth and Benjamin Mitchell of Headsup Wealth, who both run their own small financial planning companies, also took part. Addressing delegates, Wall described financial planning for a client as “being able to hold their hand during big decisions”.

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