Correspondence

Letter from the Economic Secretary to the Treasury to the Financial Services Skills Commission

Published 5 November 2025

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This publication is available at https://www.gov.uk/government/publications/industry-to-identify-ai-and-tech-skills-needs-in-financial-services/letter-from-the-economic-secretary-to-the-treasury-to-the-financial-services-skills-commission

Mark Hoban, Chair
Claire Tunley, Chief Executive
Financial Services Skills Commission
Fitzwilliam House
10 St Mary Axe
London
EC3A 8BF

5 November 2025

Dear Mark and Claire,

Commissioning the Financial Services Skills Commission to produce a report on disruptive technologies and skills needs

The UK’s financial centre has long attracted the brightest and best global talent. To continue 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.

I am pleased to commission the Financial Services Skills Commission (FSSC) to carry out research on AI and other disruptive technologies, as provided for in the Financial Services Growth and Competitiveness Strategy, published in July 2025.

We have agreed that the scope of the research should include, but not be limited to, the following:

  • An assessment of the impact of these technologies that are expected to have a significant impact on the sector’s business practices, workforce, and skills needs over the next five to ten years, with the understanding that this timescale is flexible.
  • An assessment of the impact of these technologies on the sector’s growth potential and productivity, at national and regional levels, and on customers.
  • An assessment of the skills that 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 that the sector will need, with actionable and practical steps for the whole skills system, including employers, employees, education and training providers, government at all levels, and others. This plan should consider the broader economic and fiscal picture, including the outcome of the Spending Review.
  • A cost-benefit analysis of the measures that are proposed, where appropriate.

The Financial Services Growth and Competitiveness Strategy set mid-2027 for the delivery of this research, in the form of a final report to HM Treasury. We do not preclude that the report could be delivered earlier, if it can be successfully completed more rapidly, nor that there may be more than one report, if it would assist you and the sector to produce a series of deliverables during its progress.

Please continue to work with my officials and Skills England, and engage them on the progress of this work.

I also understand that you will be working closely with the City of London Corporation, TheCityUK, Lloyds Banking Group, and PwC to deliver this. Please pass on my thanks for their contribution to this important work.

We look forward to its completion as a significant milestone in getting the sector ready for the immense challenges that await.

Yours sincerely,

Lucy Rigby MP

Economic Secretary to the Treasury

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