New financial services arm for ILG

On 21 August the In-house Lawyers’ Group (ILG) was pleased to host an excellent seminar by Simon Morris, a London-based partner of CMS Cameron McKenna, on “Financial institutions – the impact of Scottish Independence”. This thought- provoking and highly topical seminar looked at some of the opportunities and potential challenges of the Scottish independence referendum for the financial services sector in Scotland.

Remaining neutral throughout, Morris guided in-house lawyers from across the spectrum of financial services organisations through various topics, including the functions of a central bank (payment systems, currency union/options and banknotes), regulation (the requirement to have a competent authority as well as prudential and conduct regulation), EU membership, the potential impact on organisations and their customers and products, and taxation. He also looked at the statistics for our financial services sector, the timings so far confirmed, the latest poll results, business reactions to date and what the EU politicians are saying. He then considered what would happen if Scotland stays as an EU member state (and is not a Eurozone member, does not need to meet convergence criteria and is not a Schengen member), or if it is not immediately an EU member (no passporting in unless Scotland permits, or passporting out unless permitted by other member states).

Morris’s overall scorecard had benefits for Scottish independence (better consumer outcomes, Scotland having the euro choice, lower business taxes, Scotland being smaller or nimbler and more competitive, with more public spending), but some potential drawbacks (complexity, uncertainty, cost, and the impact on providers and customers).

This was a particularly well attended seminar in the Society’s offices in Edinburgh, with video conference participation from ILG members in Glasgow, London and other UK locations, with many questions for the speaker.

ILG Financial Services Network

This event also marked the launch of the ILG Financial Services Network (ILG FS), a new networking, CPD and support group focusing on in-house lawyers working in the financial services sector. This comes after the recent successful launch of an ILG group in the north east of Scotland, and ahead of the planned launch of an ILG group in the Glasgow area. It is the ILG’s very first sectoral network, launched to help support the large number of Scottish-qualified in-house lawyers working in the financial services sector.

The ILG FS will provide an opportunity to meet and network with other in-house solicitors, share knowledge and experience, and hold talks or workshops on financial services topics which ILG members want to know about. The network will supplement the ILG’s existing wider seminar programme and conferences with something more tailor-made.

How will the ILG FS work?

A group of members will organise quarterly events for in-house financial services lawyers in Edinburgh or the Scottish central belt, perhaps with videoconferencing of the seminar element to other locations and with plenty of networking time. Speakers could come from in-house, private practice, or bodies such as the Financial Conduct Authority, the Prudential Regulation Authority, the Financial Ombudsman Service, the Treasury, EU Commission etc. The ILG and the Society, existing or new sponsor firms, and in-house legal teams could provide support, venues, catering etc.

Graeme McWilliams introduced the network launch, and the attendees then heard from Colin Anderson, former ILG vice chair and prominent financial services in-house lawyer, and current Society Council member. Allan Steele and John Forsyth, ILG committee members, were also in attendance and welcomed a number of ILG members working in a variety of organisations keen to help set up and run this network, and with a clear vision of how the network could support its members.

The ILG FS needs your input

The ILG is still looking for volunteers, and ideas about what the ILG FS can do. Anyone who would like to join the ILG FS organising committee, or has ideas on what the ILG FS should achieve, or needs more information, should contact the ILG committee secretary, Elaine MacGlone by email ElaineMacGlone@lawscot.org.uk or telephone (0131 226 8887).