The UK is home to a world leading financial centre. In the UK, nearly 2.2 million people are currently working in the financial and related services industry, and two thirds of people are working outside London. The financial industry offers a significant contribution to the UK economy.
Extending eastwards from the City of London along key transport routes, the London-Essex UK Finance Corridor is an intrinsic extension of London’s world-leading Financial and Professional Services cluster. The Corridor includes the main Essex financial and professional services centres of Brentwood, Chelmsford, Colchester, Basildon and Southend-on-Sea. The companies located within the London-Essex UK Finance Corridor specialise across a range of business areas and functions including; Back office and business process outsourcing; Financial data centre operation; Niche financial services businesses and Professional Services
This sector employs more than 25,800 people in over 2,600 companies in Essex.
Essex Employers include: Alpine Insurance, Aon, Barclays, DST, Hiscox Insurance Company Ltd., HSBC Bank PLC, Lloyds TSB, Marsh and McLennan Companies, Nationwide, QBE, Santander, Swinton Insurance.
The local authority areas with the largest clusters of enterprises are Chelmsford, Basildon and Harlow.
The sector has a number of skills challenges which include:
- Finance leaders are concerned about the short supply of experienced, qualified professionals.
- The Financial and Services sector has seen the sharpest rise in skills shortages, rising from 10% in 2013 to 21% in 2015.
- The proportion of vacancies that are hard to fill in Financial Services due to a shortage of people with the right skills has doubled since 2013
Financial and Related Services Sector Action Group
What is it?
The sector action group is made up of employers and other stakeholders who want to make a positive contribution to addressing the skills challenges within the sector. The group works together to identify and develop industry led solutions to the skills challenges within the sector.
What is it doing?
As a newly established sector action group, the first priority for the group is to raise awareness of the wide variety of roles within the sector and showcase the career routes available to people, as well as the opportunities to complete qualifications whilst working. There are also close working links with the IT and Digital sector with the way in which people bank becoming increasingly reliant on IT systems.
Another priority for the group is making the sector accessible. Finance and Insurance offers opportunities for all types of worker, from part time hours, home working and multiple office locations and the opportunity to enter without holding a degree and train on the job.
We need employers to help us tackle the skills challenges in Essex. Can you help?