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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 1fO5mfo75it3kpMPCvjkZg==

<SEC-DOCUMENT>0001140361-08-026264.txt : 20081121
<SEC-HEADER>0001140361-08-026264.hdr.sgml : 20081121
<ACCEPTANCE-DATETIME>20081121143254
ACCESSION NUMBER:		0001140361-08-026264
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080801
FILED AS OF DATE:		20081121
DATE AS OF CHANGE:		20081121

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST TRUST SPECIALTY FINANCE & FINANCIAL OPPORTUNITIES FUND
		CENTRAL INDEX KEY:			0001392994
		IRS NUMBER:				061810845

	BUSINESS ADDRESS:	
		STREET 1:		120 EAST LIBERTY DRIVE, SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187
		BUSINESS PHONE:		630-765-8000

	MAIL ADDRESS:	
		STREET 1:		120 EAST LIBERTY DRIVE, SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST TRUST/GALLATIN SPECIALTY FINANCE & FINANCIAL OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	20070320

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST TRUST/GALLATIN SPECIALTY FINANCE FUND
		DATE OF NAME CHANGE:	20070313

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			TORTOISE CAPITAL ADVISORS LLC
		CENTRAL INDEX KEY:			0001280965
		STATE OF INCORPORATION:			KS
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22039
		FILM NUMBER:		081206913

	BUSINESS ADDRESS:	
		STREET 1:		11550 ASH STREET, SUITE 300
		CITY:			LEAWOOD
		STATE:			KS
		ZIP:			66211
		BUSINESS PHONE:		913-981-1020

	MAIL ADDRESS:	
		STREET 1:		11550 ASH STREET, SUITE 300
		CITY:			LEAWOOD
		STATE:			KS
		ZIP:			66211
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2008-08-01</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001392994</issuerCik>
        <issuerName>FIRST TRUST SPECIALTY FINANCE &amp; FINANCIAL OPPORTUNITIES FUND</issuerName>
        <issuerTradingSymbol>FGB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001280965</rptOwnerCik>
            <rptOwnerName>TORTOISE CAPITAL ADVISORS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>11550 ASH STREET, SUITE 300</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LEAWOOD</rptOwnerCity>
            <rptOwnerState>KS</rptOwnerState>
            <rptOwnerZipCode>66211</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Affiliate of Inv. Subadviser</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Terry Matlack, Manager of Tortoise Capital Advisors, LLC</signatureName>
        <signatureDate>2008-11-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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