The financial services sector is central to the UK economy, generating over 5% of UK GDP and with a turnover of more than £46bn a year. It employs well over a million people in more than 35,000 companies, and affects every single person in the UK. But UK businesses in the sector face increasing global and national competition, a market that demands more sophisticated financial services, and the challenge of restoring and maintaining the confidence of the consumer.
Chairman of the FSSC and Chief Executive of Legal & General, David Prosser, said: “The UK financial services sector is respected the world over. But it is the people who provide the services that are vital to its success. It is essential that the industry as a whole has a well-trained and highly competent work-force better able to meet client needs in a rapidly changing market. The role of the FSSC is to lead the UK’s financial services sector in meeting the productivity and skill demands that will ensure consumer confidence and the maintenance of our reputation and competitiveness as a key player in the global market.”
Teresa Sayers, Chief Executive of the FSSC, said that the Skills Council would help companies to manage the proliferation of new regulations and directives in the sector, as well as meeting the need to adapt to new ways of conducting business, particularly through the use of technology. Ms Sayers said: “Our aims are straightforward: better business performance and productivity through more focused training and education for all financial services companies from sole traders and small enterprises to global multi-nationals. Successful employers know that lack of skills leads to loss of business, difficulties in meeting customer service and expectations, and increased operating costs. We aim to ensure the quality and value of workforce development so that people can acquire the skills they need, and to promote the idea of investing in training to meet the strategic needs of businesses.”
The FSSC is an employer-led organisation, coordinating the response of the entire industry to influence education and skills policy in the UK, and its execution and funding. Its project work is informed by detailed and up-to-date labour market intelligence. One of a network of government-funded Skills Councils for each key industry in the UK, the FSSC is carrying out a thorough overview of all qualifications for financial services professionals with the aim of reflecting the needs of the sector in setting up a clear industry-wide, single qualifications framework. It is the industry standards-setter, providing bench-marked quality through FSSC accreditation and endorsement. The FSSC aims to attract high-calibre staff to the industry by promoting financial services as a career of choice through provision of careers advice to schools and colleges, and by forging links between employers and colleges to sharpen the relevance of vocational courses.
The FSSC, which has backing from major industry players and opinion leaders, aims to ensure that the UK maintains its position as the most important financial services centre for many international markets. London is Europe’s leading financial centre and one of the world’s top three international financial centres along with New York and Tokyo.
Paul Boateng, Chief Secretary to HM Treasury, said today: “The work of the Financial Services Skills Council is critical to developing and maintaining an industry that lies at the heart of every modern, dynamic economy.”
