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Financial services industry 'boosts UK skills market'

17/01/2008

By 2014 the financial services sector will rely more heavily on 'high-level skills' than any other industry excluding education, according to recent analyses.

A report published by the Financial Services Skills Council (FSSC) suggested that through training and recruitment the financial services sector fuelled a skills market valued at £3.7 billion.

FSSC chief executive Teresa Sayers said: "Financial services employers rarely think in terms of productivity. Profit is tangible and loss even more so. But where do these come from? Post-Big Bang, growth has become a matter of high-level skills, leveraged by IT capital."

The findings found that the UK financial services industry's management and innovation efficiency still falls below rival overseas standards, despite the growth in skills.

Ms Sayers added: "Productivity and change are important themes which underpin the work of the FSSC. We believe that issues of productivity hold clues to the future-proofing of our industry – an industry in which change is the only constant."

 

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