Unite the union backs the Financial Services Skills Compact

One of the UK’s largest trade unions has given its backing to an industry-wide commitment to tackle skills gaps in the financial services sector.

Unite, which has more than 1.2 million members across the private, public and voluntary sectors, has become a supporter of the Financial Services Skills Compact.

The Skills Compact is a shared commitment between government, the Financial Services Skills Commission, and firms in the sector, to work together to close skills gaps. Backed by HM Treasury, it is the most significant agreement on skills between government and employers in a generation.

Firms who sign the Skills Compact commit to invest in their own people, develop talent pipelines and collaborate to close the sector’s skills gaps. 25 firms have committed to the Skills Compact, collectively employing almost 270,000 people. They are backed by a further 27 non-regulated organisations – including Unite – who have formally recognised the importance of tackling the sector’s skills challenge.

Caren Evans, Unite National Officer, said: “Workers are the foundation of the UK’s financial services sector, and the industry’s future success will depend on the skills and talent of its people. Tackling skills shortages cannot be achieved without meaningful investment in staff, from entry-level recruitment through to continuous professional development. Unite is pleased to support the Financial Services Skills Compact because it recognises that developing skills, creating opportunities and supporting career progression are essential for productivity, innovation and growth. A highly skilled workforce benefits employees, employers and the wider economy alike.”

Claire Tunley, Chief Executive, Financial Services Skills Commission, said: “The backing of Unite the union brings an important employee voice to this sector-wide, collective effort to close skills gaps. The Skills Compact is the most significant agreement on skills between government and employers in a generation. More than 50 organisations have pledged their commitment, meaning that more than 270,000 workers will benefit from investment in their skills. The support of one of the UK’s largest trade unions reinforces the sector-wide collaboration that will be essential to securing the future success of UK financial services.”

The Skills Compact was first announced by HM Treasury alongside the 2025 Financial Services Growth and Competitiveness Strategy. Its development has been led by the Financial Services Skills Commission and supported by City of London Corporation and TheCityUK. It was subsequently launched on 14 July 2026 and included as part of the government’s ‘One Year On: Delivering the FS Growth and Competitiveness Strategy’ report.