Financial Services Skills Commission

In June 2018, then Chancellor of the Exchequer Philip Hammond announced the creation of a Financial Services Skills Taskforce as part of his Mansion House speech. Hammond said the Taskforce would assess the long-term skills needs of the UK financial services sector, amid rapid technological and social change.^[4]

The Taskforce was chaired by then City Minister Mark Hoban and convened by TheCityUK, with support from the City of London Corporation.^[5]

A final report was published by Economic Secretary to the Treasury John Glen MP in January 2020. the report identified the impact that new technology, demographic change and globalisation could have on the UK financial services sector. It also recommended forming a long-term industry body to drive skills across the sector.

The Financial Services Skills Commission was subsequently formed in May 2020.^[6] Claire Tunley, former Head of Skills at the City of London Corporation, was appointed chief executive in May 2020.^[7]

In July 2025, HM Treasury published its 'Leeds Reforms' in which it sought to "rewire financial system, boost investment and create skilled jobs across the UK." As part of the publication, Economic Secretary to the Treasury Emma Reynolds MP stated that the Financial Services Skills Commission would develop a 'skills compact' to accelerate progress on skills within the sector, as well as research into artificial intelligence. The work will be delivered by the commission with the support of TheCityUK and the City of London Corporation.^[8][9]

In November 2025, the Economic Secretary to the Treasury Lucy Rugby MP gave the Commission formal approval to begin work on research into artificial intelligence, disruptive technology, and its impact on financial services skills. The research will be supported by the City of London Corporation, TheCityUK, Lloyds Banking Group and PwC, with a final report due in 2027.^[10][11]