Britain is still the world's leading financial services centre, despite the recent global upheavals in the economy. But in order to retain this position it is essential the sector continues to attract the best young talent. To do this we must acknowledge the real needs of employers when addressing skills and qualifications.
Currently there is a significant mismatch in the UK between education and training and the genuine demands of business. As a result, many employers have been left disappointed, while far too many young people have become disenchanted with the world of work. Altogether it is very wasteful and disruptive for the economy and it is essential we get things more in balance.
For this reason I have been delighted to recently take the role of chairman at the Financial Services Skills Council (FSSC). As an independent, employer-led body, the FSSC is perfectly placed to help lead this drive. It has a vital part to play in understanding better what employers want and need in terms of skills and talent. Part of my job is to make sure we really do listen to employers. We have to work out the best way to engage with them - a particular challenge at a time in the economic cycle when most businesses are most concerned with simply keeping their show on the road. It is all too easy for skills and training to fall by the wayside when such pressing issues take precedence, but we must not allow this to happen.
The financial services industry has experienced a turbulent couple of years, but attracting new talent is as important now as it has ever been. There is a huge need for talented young recruits in order to tackle current challenges and to embrace the opportunities that will come with economic upturn. Vitally, the industry must also focus on retaining and developing that raw talent.
There is no doubt that the financial services community has got work to do to in order to win back consumer trust and to attract young people to work in the sector. We have a role to play through promoting the importance of professionalism, continuing to develop skills, as well as highlighting career opportunities in finance, accounting and financial services in general. One way in which the FSSC has tackled this last challenge is via its online careers service, Directions, which has proved successful with new recruits seeking specialist information about different jobs and functions in financial services.
However, an essential element in improving the sector's tarnished reputation is increasing professionalism. As an industry we are already making progress. The Retail Distribution Review will come to fruition in 2012, introducing a higher standard for financial advice in the UK. Meanwhile, we continue to set performance standards for the entire sector - accountancy, banking, building societies, insurance companies, through to investment administration and pensions.
I am committed to continuing the FSSC's collaboration with employers, professional bodies and education providers to shape standards and qualifications to meet both employers' needs and to ensure professional excellence in our financial services workforce. It is this collaborative approach that will enable us to build a skills system that is both flexible and responsive and does justice to employers and to Britain's brightest young recruits.
Friends provident in a Minute
Founded: 1832
Employees: 3,200
Policyholders: 2.8m excluding Lombard
Ownership: part of the Resolution group
Revenue: £6.57bn, profit £246m (year ended 31 December 2009)
Accreditations: IiP,
Payroll Giving Quality Mark - Gold
