Commission to deliver two landmark initiatives for the Treasury

Today (15 July 2025), HM Treasury announced its Financial Services Growth and Competitiveness Strategy.

The Treasury’s announcement includes two significant initiatives that will be led by the Financial Services Skills Commission:

• The development of a skills compact for financial services
• Research into the impact of AI and other disruptive technologies on skills in financial services

Financial services skills compact

Working in collaboration with the TheCityUK, the City of London Corporation, and Skills England, we will steer the development of a sector-led skills compact that will accelerate progress on skills and ensure a financial services sector that has the skills it needs to thrive into the future.

The compact will be targeted, meaningful and ambitious, and set out specific actions for signatories to address skills gaps. The challenges faced by the sector must be addressed by both industry and government working together. The long-term support of government will be a key enabler to achieving the intent of the compact.

To deliver the compact, we will form a steering group, representative of our membership and the sector as a whole. We will be joined by the City of London Corporation and TheCityUK, as well as a senior representative from HM Treasury and Skills England. The group will be chaired by the Chair of the Financial Services Skills Commission, Mark Hoban.

Research into the impact of disruptive technologies

The government will also commission us to produce a report on AI skills needs, training, and innovation in financial services. This will involve substantial research, working with Skills England, to analyse and recommend how the skills system can drive growth and productivity by supporting the adoption and innovation of AI, and other disruptive technologies, in financial services.

This robust piece of work will include significant inputs from a wide range of parties, including government, financial services, and the technology sector.

The details of the research will be agreed in collaboration with the Treasury and Skills England.

Mark Hoban, Chair of the Financial Services Skills Commission, said:

“The creation of a compact, and the commissioning of this landmark piece of research, will be a critical step in accelerating the sector’s work to tackle its skills challenges and turbocharge the growth of financial services.”

“This is a pivotal moment for the sector and the challenge cannot be solved by one party in isolation. That’s why, as the sector’s collective voice on skills, we will bring together industry leaders alongside government to create a shared vision of a future-ready workforce and develop a compact that will deliver lasting change.”

Claire Tunley, Chief Executive of the Financial Services Skills Commission, said:

“The sector is facing unprecedented technological and demographic change, with a quarter of the workforce set to leave high-skilled roles over the next 10 years. This means that the need for urgent action on skills has never been greater.

“The announcement of these projects is a unique opportunity to deliver industry-wide, collaborative change. We’re delighted that the government has recognised the Commission’s role as effective convener of the key parties in the sector.

“We look forward to working with the government, our members, and the wider sector on these important pieces of work.”