Financial Services Skills Commission, NatWest Develop Future Skills Framework

Financial services firms across the UK are being urged to prioritize investment and training in skills “including digital literacy, coaching and software development to help the sector tackle ongoing skills gaps and to boost its competitiveness.”

The five core skills and behaviors also “include creative thinking, data analytics & insights and form part of the Future Skills Framework which has been developed by the Financial Services Skills Commission (FSSC) in partnership with NatWest and other leading financial services employers.”

The five essential skills “have been identified as business critical for firms across the sector given the ongoing shortage of skills in technology, cyber and digital and aim to help them prioritize their future skills needs and attract and retain talent.”

The Framework (originally launched in October 2021) “has been expanded over the last 12 months through cross-industry collaboration from FSSC members including Direct Line Group, Zurich Insurance, Danske Bank, and Barclays to include a total of 13 skills and behaviors to support firms to prioritise their upskilling and reskilling efforts.”

The Framework closely “aligns with FSSC’s newly published Skills Gap Analysis Toolkit developed in partnership with Lloyds Banking Group, to help firms identify future skills for the long term and to support ongoing skills forecasting.”

Claire Tunley, Chief Executive, FSSC said:

“Financial services firms recognise that people are key to its success. The development of the Framework will help firms prioritise investment and training in skills, which is crucial in helping the sector close skills gaps. This will further enhance employee career progression and training opportunities, and ensure firms are equipped with the right talent and skills to boost innovation and competitiveness over the long term.”

Jen Tippin, Group Chief People and Transformation Officer at NatWest, said:

“It’s crucial for financial services organisations to understand their future skills priorities. NatWest worked closely with the FSSC to ensure the expanded Framework pinpoints the essential skills and behaviours businesses require to ensure our employees have the core skills to perform their roles to the best of their ability and to serve their customers effectively.”

The Future Skills Framework can be accessed here.

As noted in the update, the Financial Services Skills Commission is “an independent, non-partisan, member-led body, representing the UK financial services sector on skills.”

They work directly “with the sector to ensure that businesses have the talent and skills they need for the future.”

The Financial Services Skills Commission “has over 30 members, representing more than 300,000 employees across all part of the sector and all the UK’s regions and nations.”

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