The FEP is run by the Chartered Institute of Bankers in Scotland (CIOBS). The CIOBS provides professional qualifications for people who work in the Financial Services Industry.

The FEP was established on 1st March 2002, and is the successor to the BEP (Banking Education Partnership), which was set up in 1998, with the aim of providing facilitators from the four clearing banks in Scotland (Bank of Scotland, Royal Bank of Scotland, Clydesdale Bank and Lloyds TSB Scotland) to run workshops in all secondary schools in Scotland.

The FEP consists of the four banks listed above plus Standard Life, HSBC Bank plc and Airdrie Savings Bank.