Skills Compact | Major finance firms join 'once in a generation' scheme to upskill 250,000+ employees on AI & more

The Chancellor of the Exchequer will today (July 14th) announce that more than 20 financial services organisations have signed a pledge to invest in their own people, develop talent pipelines and collaborate to close the sector’s skills gaps.

As part of her annual Mansion House speech, the Chancellor will formally launch the Financial Services Skills Compact; a landmark, shared agreement between government, the Financial Services Skills Commission, and firms in the sector to work together to close skills gaps.

Twenty-two firms have formally signed the Skills Compact. They include high street banks, major insurers, building societies, investment managers, digital banks, and trade bodies, collectively employing more than 250,000 people.

What’s the ‘Skills Compact’ plan, and why is it needed?

The financial services sector employs around one million people across the UK. However, the sector is at a pivotal moment, amidst a rapidly evolving business environment.