The Financial Services Skills Commission is an independent, member-led body, representing the UK financial services sector on skills. We work directly with the sector and advocate for innovative collaboration to ensure that businesses have the talent and skills it needs for the future.
The creation of the Commission was a key recommendation from the work of the the HMT-led Financial Services Skills Taskforce (2018-20) launched by former Chancellor, the Rt Hon Philip Hammond MP. The Taskforce identified the challenges that technology, demographic change and globalisation are having on the UK financial services sector and developed five recommendations to address these challenges. Read the taskforce report here.
We work with our members and a diverse network of stakeholders to address some of the major issues facing skills in financial services. Through four workstreams which reflect the challenges identified by the Taskforce, we are addressing the major skills gaps impacting the sector, and finding solutions to issues around access to talent. By collaborating with businesses, training providers, government, regulators and the education sector, we seek to create solutions together, that work for all stakeholders involved.
Our workstreams encompass the key talent issues that the sector is facing:
Invest in our people to develop new knowledge, skills and behaviours
Understand current and future skills gaps and build a future skills framework
Increase awareness, widen access, attract talent
Promote diversity, inclusion and progression
Through our workstreams, we aim to deliver a step change in the behaviour and practices of the financial services sector, to ensure future success. By collaborating with employers to tackle the skills and talent issues they face, we are building networks, developing best practice, and creating new collaborative relationships to solve these challenges. We are working with businesses to build a future skills framework for the financial services sector creating a collective understanding of the skills required for future success.
While actions by individual firms are at the heart of our response to the challenges facing the sector, we know that we need a system-wide response too. Some skills, such as data analytics, User Experience (UX) and User Interface (UI), are common across the industry and we believe that it is in the interests of firms to have a common framework for skills such as these. A skills framework will allow firms to better identify and address skills gaps, tailor their own training programmes, and match training providers and materials to skills needs. This workstream focusses on creating a comprehensive skills framework for the sector, working collaboratively to identify new and future skills across the industry.