The Financial Services Skills Council (FSSC) launches this week to provide strategic leadership for training, education and workforce development in the sector.

The industry employs over a million people, generating a turnover of £46bn a year and one of the council's aims is to keep London as one of the world's most important financial centres.

Teresa Sayers, Chief Executive of the FSSC, said that the council would help companies to manage the proliferation of new regulations and directives in the sector, as well as meeting the need to adapt to new ways of conducting business, particularly through the use of technology.

Ms Sayers said: “Our aims are straightforward: better business performance and productivity through more focused training and education for all financial services companies from sole traders and small enterprises to global multi-nationals.

"Successful employers know that lack of skills leads to loss of business, difficulties in meeting customer service and expectations, and increased operating costs. We aim to ensure the quality and value of workforce development so that people can acquire the skills they need, and to promote the idea of investing in training to meet the strategic needs of businesses,” she added.

The FSSC - one of a network of industry-related skills council - is carrying out an overview of all qualifications for financial services professionals with the aim of setting up a clear industry-wide, single qualifications framework.