The CII has issued a thumbs up for the Leitch report on education and skills in the UK market.
The institute has welcomed the report's focus on the role of employers in improving their employees' skills.
CII deputy president, Lord Hunt, said: “Lord Leitch's report marks a watershed in UK plc's attitudes towards its workforce's skills and knowledge. Once, training and development was seen as something that was desirable; this report has shown the country that it is an absolute necessity if the UK is to maintain its position in the global market.
“As globalisation continues to change the face of the UK's economy, our financial services industry is playing an increasingly significant role in the prosperity of our nation and its reputation around the world. But, with only one in eight employees in the UK's insurance sector holding some form of insurance qualification, this could have a serious impact on inward investment and support for the UK insurance market as companies look to follow the trail of talent overseas.
Hunt also agreed with the report's warning that the UK is falling behind other developed countries and a crisis is looming over the next 15 years unless action is taken
Hunt added: “If we fail to upgrade our skills, we are condemning ourselves to a long and lingering decline. But if we grasp the nettle and make a genuine and enduring commitment to developing our people, we can ensure that our financial services industries shine like a beacon across the global economy. We've seen what can happen in sectors like manufacturing when other economies begin to flex their muscles; we can't allow that to happen in financial services in the same way.”
