Guidance

Financial Services Skills Compact

The Financial Services Skills Compact asks financial services firms to commit to targeted, meaningful and ambitious actions to reduce skills gaps.

• From: HM Treasury
• Published: 14 July 2026

Documents

Financial Services Skills Compact

PDF, 126 KB, 7 pages

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Financial Services Skills Compact

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Details

The UK’s financial centre has long attracted the brightest and best, and a skilled workforce is at the heart of this success. To deliver on its ambition to develop Jobs Plans for priority sectors and strengthen the labour market, the Government committed in the 2025 Financial Services Growth and Competitiveness Strategy to support the creation of a Financial Services Skills Compact. Its development was led on behalf of industry by the Financial Services Skills Commission, with the close support of TheCityUK and City of London Corporation. Launched on 13 July 2026, it asks its signatories to commit to four actions:

• Ensure all of their UK workforce is future-ready by upskilling them in AI and other critical skills over a rolling three-year period.
• Maintain and/or grow structured routes into their organisation for new talent.
• Assign one member of their senior executive team as responsible for closing skills gaps.
• Publish annual updates on progress against these commitments.

HM Treasury and the Financial Services Skills Commission welcome interest in the Skills Compact from all firms of any type and size. For more information, please email compact@financialservicesskills.org.

Compact signatories announced by the July 2026 launch

Admiral

Aviva Plc

Barclays Bank

Coventry Building Society Group

Danske Bank

Fidelity International

HSBC UK

Leeds Building Society

Legal & General

Lloyd’s of London

Lloyds Banking Group

London Stock Exchange Group

Nationwide

NatWest Group

OSB Group

Pacific Life Re

Paragon Bank plc

Standard Chartered

Standard Life

Vitality

Yorkshire Building Society

Zopa Bank

Supporters

Chartered Banker Institute

Chartered Insurance Institute

City of London Corporation

Finance Isle of Man

Institute and Faculty of Actuaries

London Market

Scottish Financial Enterprise

TheCityUK

Published 14 July 2026