Scotland topped the list for UK financial services foreign direct investment in 2022 outside of London, according to EY. Learn about Scotland’s strengths in the sector and why global finance companies continue to invest here.

Scotland’s financial services investment

Scotland is the UK’s most attractive location for financial services foreign direct (FDI) investment outside of London, according to the latest EY Attractiveness Survey for Financial Services. Scotland has placed second in the UK for nine of the past ten years.

The survey found that: 

• Scotland attracted eight financial services foreign direct investment projects in 2022, up from three in 2021, reclaiming the title of most attractive UK destination for financial services investment outside of London
• Scotland also named most attractive UK nation/ region for financial services investment outside London by global investors, with those planning investment in Scotland in the next year up two percentage points year-on-year (14%, from 12%), while London is down 15 percentage points (41%, from 56%)
• Edinburgh considered the most attractive city outside of London, with 17% of investors reporting financial services investment plans in Scotland’s capital over the next year

Why global finance companies keep investing in Scotland

Welcoming the news, Mark Hallan, Director of Global Investment at SDI, said:

“This latest report underlines Scotland’s continued success in financial services and related sectors. We know that multi-national companies are attracted to our ideal combination of innovation, world-class talent, competitive business cost base and technological expertise.   

“This, combined with our supportive business environment where public bodies, academia and industry work together — not to mention an exceptional quality of life — is why Scotland continues to be such a world-leading choice not just financial services, but for companies across a wide range of global sectors.”

Scotland’s strengths across international finance sectors

Scotland’s financial services sector is made up of more than 2000 businesses employing 77,000 people. Its success is thanks to a combination of innovation, talent and technology, which has attracted global names to both its financial services and growing fintech industries. 

Strengths in areas such as asset management, banking, cyber security, fintech and data have also played a key role in attracting financial and professional services investment from across the world.

This includes global companies Invisors and Mirador which both announced they were setting operations in Scotland in recent months.