Minister thanks Commission for “impressive five years” of progress on skills

The Economic Secretary to the Treasury has thanked the Financial Services Skills Commission for its progress on tackling the sector’s skills challenges, while calling on the sector to collaborate with the Commission to ensure a workforce fit for the future.

Speaking at a parliamentary reception to celebrate the fifth anniversary of the Commission’s founding, Emma Reynolds MP, the Economic Secretary to the Treasury and City Minister, said: “I’d like to reiterate my congratulations to the Commission for an impressive five years. On behalf of the government, I would like to thank you for the work that you’ve done to raise the profile and urgency of skills.”

She added: “I want to really encourage all the financial services firms in the room to continue to collaborate and work with the Commission to make skills a priority and ensure that the workforce is ready for the future. And indeed, the long-term partnership between the government and the sector is absolutely critical to achieving to our shared vision.”

At the event, sponsored by EY, Chief Executive of the Commission Claire Tunley outlined the organisation’s impact during its relatively short lifetime, saying: “I’m incredibly proud of how far we’ve come in just five years. Since the Commission’s creation, our focus has always been on creating practical, actionable tools and data-led insights. This pragmatic – less talk, more ‘do’ – approach is what’s has helped us to make real, tangible progress and shift the dial on the skills.”

Addressing the delegates in the room, Claire added: “Our strength comes from the commitment of our members and the experience they bring to the Commission. Every single one has brought something to the table and everyone takes something positive away. Put simply, without their proactivity, and willingness to share and collaborate, the sector would be facing even bigger skills gaps than we are today.”

Speaking at the event, Martina Keane, the EY UK & Ireland Financial Services Leader, said: “We recognise that our global positioning is dependent on securing and growing human, as well as financial, capital. And we recognise the importance of skills and talent in driving economic growth. Simply put, we need the best people at all levels and we need to close the gap in scarce skill categories that the Financial Services Skills Commission has identified.

“We have a fresh opportunity to align our efforts and drive sustainable, inclusive growth across the sector. And I thank the Commission for their continued commitment. Together, we’re not just responding to change, we’re shaping the future of financial services.”

Mark Hoban, Chair of the Financial Services Skills Commission, also spoke at the event. He spoke about how rapidly the Commission has gained widespread support, telling delegates: “Today we have nearly 50 members from across the sector and all parts of the UK, collectively representing nearly 300,000 of the sector’s one million employees.

“Over the last five years, we and our members have made excellent progress by putting skills at the heart of business strategy, adopting a skills-based approach, and taking purposeful action to close skills gaps.”

Looking to the future, Mark added: “These positive developments cannot allow us to become complacent. The skills gap remains and we, as a sector, cannot take our eyes off the ball, and we should not underestimate the scale of the task that remains.

“Now, more than ever, we need to maintain our focus on how we think about skills. We need make our argument loudly and confidently. And must collaborate to close the skills gaps.”