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Written question asked by Lord Taylor of Warwick (Non-affiliated) on Thursday, 5 March 2026, in the House of Lords. It was due for an answer on Thursday, 19 March 2026. It was answered by Baroness Lloyd of Effra (Labour) on Thursday, 19 March 2026 on behalf of the Department for Business and Trade.

Financial Services: Recruitment

Question

To ask His Majesty's Government what assessment they have made of the impact of digitalisation and automation on recruitment patterns in the UK financial services sector; and what steps they are taking to ensure that higher education and professional training pathways meet changing skills demand in this regard.

Answer

Setting the UK’s financial services sector up with the skills and talent it needs is an important pillar of the Government’s Financial Services Growth and Competitiveness Strategy.

The Economic Secretary commissioned the Financial Services Skills Commission (FSSC) to produce a report on how the skills system can drive growth and productivity by supporting more effective adoption and innovation of AI and other disruptive technologies. The FSSC have committed to reporting back by the end of the year.

We work closely with employers, sector bodies and providers to ensure training aligns with labour‑market demand, including through Local Skills Improvement Plans. Our reforms to higher technical education, including the rollout of Higher Technical Qualifications and the expansion of degree apprenticeships and modular learning through the Lifelong Learning Entitlement, are improving the quality and flexibility of skills pathways.

Secondary information

Type
Written question
Reference
HL15269
Session
2024-26
Subjects
Digital technology Financial services Higher education Recruitment Training Automation
Link
View this Written question on www.parliament.uk