CII welcomes Financial Services Skills Compact

• ·       Agreement asks firms to upskill staff in AI and other critical skills, grow routes for new talent and report annually on progress
• ·       More than 20 financial services organisations, collectively employing over 250,000 people, have committed to the FSSC

The Chartered Insurance Institute (CII) has welcomed the launch of the Financial Services Skills Compact, a landmark agreement between government, the Financial Services Skills Commission and firms across the sector, to help close skills gaps and strengthen the UK’s financial services workforce.

The Compact, formally launched as part of the Chancellor of the Exchequer’s annual Mansion House speech, brings together financial services organisations in a shared commitment to invest in their people, develop talent pipelines and collaborate on the skills needed for the future.

More than 20 organisations have signed the Compact, including high street banks, major insurers, building societies, investment managers, digital banks and trade bodies, collectively employing more than 250,000 people.

Signatories to the FSSC have agreed to ensure their workforce is future-ready by upskilling employees in AI and other critical skills over a rolling three-year period, while maintaining or growing structured routes into their organisations for new talent.

Matthew Hill, CII Chief Exec, said: “Insurance, long-term savings and financial planning support more than 300,000 jobs across the UK, and the sector’s future strength depends on the skills and professionalism of its people. The Chartered Insurance Institute is proud to support the Skills Compact, which recognises that building a strong future workforce is a shared responsibility. By opening clearer routes into financial services and supporting ongoing development, we can help ensure that insurance and financial planning professionals continue to deliver the highest standards of service to individuals, firms and wider society.”