UK Treasury greenlights report on AI and tech skills needed in financial services

The UK Treasury has greenlighted the Financial Services Skills Commission (FSSC) to report on how to upskill the workforce to capitalise on disruptive technologies.

The government announced the report would be commissioned in the Financial Services Growth and Competitiveness Strategy, published in July.

In a letter from the economic secretary to the Treasury published yesterday (5 November), the Treasury said: “[Continuing] to attract the right talent and develop the right skills over the coming decade will be fundamental to the government’s aim to ensure the UK is once again the global location of choice for financial services firms to invest, innovate, grow, and sell their services throughout the UK and to the world.

“Building 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.”

The report 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 10 years
• The impact of these technologies on the sector’s growth potential and productivity, at national and regional levels, and on customers
• The skills the financial services sector will need for the successful adoption, deployment and use of these technologies

A clear plan of how to build the skills the sector will need, with actionable and practical steps for the whole skills system, including employers, employees, education and training providers, and government at all levels will be at the heart of the report.

The FSSC will work with the Treasury, Skills England, the City of London Corporation, TheCityUK, Lloyds Banking Group, and PwC on the report, which is due to be submitted by mid-2027.