Task force targets support for financial services professionals

A TASK force which has developed plans to support the region’s financial services sector is looking at targeting public funds to allow finance professionals who have lost their jobs to launch their own businesses.

The task force, which was supported by Regional Minister Rosie Winterton and includes regional development agency Yorkshire Forward, Leeds Financial Services Initiative (LFSI), local authority leaders, industry representatives and skills partners, met in Leeds yesterday  to agree their action plan and send it to the Government. 

Other recommendations include an innovative scheme to be developed in the wake of large scale redundancies within the region’s financial services industry, which will identify individuals with a range of skill sets that could be launched as a new company. These fledgling businesses will then be helped to access public and private sector equity to allow them to flourish.

It was also agreed that wheels should be set in motion to develop a new foundation degree in financial management, as well as providing training opportunities for independent financial advisors to ensure the existing workforce can apply its skills in the current market conditions.

A report undertaken by business advisory firm Deloitte, commissioned by the task force, which looks at the opportunities and challenges facing the region’s financial services sector and potential opportunities to strengthen it for the future.

The Deloitte report identifies a number of strengths in the regional financial services industry (FSI) industry – namely ‘an historic association with FSI and its evolution in the UK, in particular the mutual movement of retail banking.’ It also recognises ‘a skilled labour pool with FSI capabilities across all levels of staff and across different FSI sub sectors.

Yorkshire Forward chief executive Tom Riordan said: ““What the report has made clear is that the financial services industry remains a key asset in our regional economy – employing over 240,000 people and contributing 27% of our region output.  However, this long term strength also puts us at risk of short term pain in the current financial climate. 

“The report is also clear that the public sector must act in order to retain as many jobs as possible in the sector. Our main priority therefore is to protect as many jobs as possible in the short term, whilst also ensuring the industry is primed to make the most of new opportunities that will allow it to grow in the future.”
 
Mr Riordan added: “A key strength identified by the Deloitte report is the level of skills within our regional financial services sector.  While things may seem gloomy at the moment, the economy will recover, and it is important that we retain the expertise that made this sector such a key asset to our regional economy in the first place.”