This interim report from the Chancellor’s Financial Services Skills Taskforce, chaired by Mark Hoban and convened by TheCityUK, with support from the City of London Corporation and EY, identifies a series of major skills challenges facing the sector.
These challenges include its low spend on training, its lack of diversity at all levels and its perceived values and culture. It also found the technical skills needed by financial services firms are evolving faster than roles can be currently be filled. All of these must be addressed if it is to meet its long-term skills needs.
While there are great examples of action being taken to address these challenges, collectively the sector is simply not doing enough. If it fails to adapt, the UK’s position as a world-leading international financial centre could be put at risk.