A highly skilled financial services workforce in every region and nation of the UK will drive growth and productivity. However, as AI and other technologies become more prevalent, we need to embed the skills that will ensure our workforce is equipped to lead the way in digitisation, innovation and adoption.
This is why the government committed, through the Financial Services Growth and Competitiveness Strategy, published in July 2025, to commission the Financial Services Skills Commission (FSSC) to produce a report on AI skills needs, training and innovation in financial services. The letter published today delivers on this commitment.
The FSSC will be supported by the City of London Corporation, TheCityUK, Lloyds Banking Group and PWC, and will analyse and recommend how the skills system can drive growth and productivity in financial services by supporting the adoption and innovation of AI and potentially other disruptive technologies.
Before setting out a plan for building the skills system, the FSSC will assess the technologies that are expected to have a significant impact on the sector’s business practices, workforce, and skills needs over the next five to ten years. They will also assess the impact of these technologies on growth potential and productivity, and the skills required by the financial services sector for successful adoption and deployment.
The government will remain in close contact with the FSSC and monitor progress ahead of publication next year.
