UK HM Treasury supports Financial Services Skills Commission-led voluntary financial services skills compact and will join steering group

HM Treasury has published an exchange of letters with the Financial Services Skills Commission (FSSC) backing the development of an industry skills compact for the UK financial services sector and confirming government participation in the proposed governance. The FSSC proposed a compact under which signatories would take specific voluntary actions to address skills gaps, with progress reviewed regularly, citing ongoing deficits and shifting needs driven by artificial intelligence and other emerging technologies. Development would be led by a steering group chaired by FSSC Chair Mark Hoban, with support from the City of London Corporation and TheCityUK; HM Treasury will attend meetings, with the Economic Secretary to the Treasury attending the initial meeting and senior officials joining regular sessions. HM Treasury also asked officials to engage with the Department for Education, Skills England and other departments so the steering group’s work can inform the sector skills strategy across government. The FSSC expects the steering group’s work to be completed within 12 months of formation, followed by the launch of the compact with confirmed signatories.