The UK financial services industry is not doing enough in reaction to the challenges it will face in the next few years, according to a new report on the sector from the Financial Services Skills Taskforce.

John Glen MP says in his foreword to the report that the amount of money that financial services firms spend per head on training is among the lowest in the economy, the attraction of the sector as a career choice is waning and the workforce at its most senior levels does not reflect the diversity of the society it serves.

The sector needs to invest in increasing and diversifying the supply of talent, he goes on.

This should include reskilling, upskilling and re-training of staff, protecting and expanding employment in key regional centres, attracting, motivating and retaining the widest and deepest pool of talent, strengthening the purpose and culture of the sector to ensure it remains attractive to future generations of talent and collaborating to create impactful change at scale.

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The UK financial services industry is not doing enough in reaction to the challenges it will face in the next few years, according to a new report on the sector from the Financial Services Skills Taskforce.

John Glen MP says in his foreword to the report that the amount of money that financial services firms spend per head on training is among the lowest in the economy, the attraction of the sector as a career choice is waning and the workforce at its most senior levels does not reflect the diversity of the society it serves.

The sector needs to invest in increasing and diversifying the supply of talent, he goes on.

This should include reskilling, upskilling and re-training of staff, protecting and expanding employment in key regional centres, attracting, motivating and retaining the widest and deepest pool of talent, strengthening the purpose and culture of the sector to ensure it remains attractive to future generations of talent and collaborating to create impactful change at scale.