Question to the Department for Business, Innovation, Science and Trade:

To ask the Secretary of State for Business, Innovation, Science and Trade, what analysis his department has done to study the impacts on the workforce from the adoption of Artificial Intelligence technologies in the financial services sector.

Ensuring the UK’s financial services sector has access to the skills and talent it needs is an important pillar of the Government’s Financial Services Growth and Competitiveness Strategy.

This is why the Economic Secretary to the Treasury commissioned the Financial Services Skills Commission (FSSC) to examine how AI will affect business practices, the workforce and skills over the next five to ten years. Their Interim Report, A Workforce Transformed, was published in May and found that AI is likely to reshape rather than simply eliminate work, alongside growing demand for higher-level skills and pressure on entry-level pathways.

The Commission is now developing practical recommendations to support workforce skills and adaptation, with its final report due by early 2027.