Thursday 20 June 2019 12:45 am

Former City minister calls for action on skills shortage

Former City minister Mark Hoban has today called for urgent action to address the skills crisis facing the financial services sector.

Read more: Private sector pay set for growth as skills shortage bites

The sector does not spend enough on training, lacks diversity, and its values and culture are not well-perceived, according to a report chaired by Hoban.

The report, from the chancellor’s financial services skills taskforce, said the technical skills needed by financial services firms are evolving faster than roles can currently be filled.

It said greater investment in training and system-wide change is needed to address the problem of Britons lacking the skills to work in the sector.

Hoban said: “Financial services is facing an existential skills crisis because of the pace of change in the sector.”

He said: “People are at the heart of the industry’s success and provide its competitive advantage. The digital revolution is transforming the sector and affecting its people too.

“It is vital that we train people in the skills needed for the future so we can match the pace of change,” he said.

The taskforce will publish its detailed recommendations in November 2019.

It will set out a roadmap for the financial services companies to tackle recruitment and skills challenges, The City UK, which convenes the group, said.