The Financial Services Skills Council (FSSC) today announced an independent review of its future role and strategy following a Government judgement it was not meeting the standard required.
It will be headed by the former managing director of Fidelity’s multi-manager business Simon Ellis, who was also previously head of UK retail at Axa Investment Managers.
The FSSC has also announced chief executive Teresa Sayers will be stepping down in September after a decade at the organisation and five years in her current role.
Ellis’, who has been appointed managing director, will lead a team on an open consultation, seeking out the views of employers and stakeholders, which is expected to last until September.
In May, ministers in UK Government and Devolved Administrations decided the FSSC’s role and strategy should be subject to review.
While recognising the organisation had strengths, the council was judged not to have met the required standard.
“We share the Government’s view that, now more than ever, employers must be given the support they need to invest in skills and prepare for the upturn,” FSSC chairman Roy Leighton says.
“In response, a committee of the Board of the FSSC has resolved to conduct this thorough and inclusive review of the council’s future strategy, which will help us achieve a better outcome for consumers, professional bodies and the firms of all sizes who are at the heart of our business.”
Gavin Shreeve, principal of the ifs School of Finance, says: “We share the view that this is an appropriate point for the FSSC to review its remit and purpose.
“This is a complex and diverse sector, and the council needs to take a fundamental look at whether there is a need for a skills council and, if so, how its work can be relevant and effective.”
On her announcement to leave her role as chief executive, Teresa Sayers says: “The last five years as chief executive have been both challenging and rewarding.
“This seems to me to be the right time to pass on the baton and I am confident the FSSC will continue to play a leading role in promoting standards and raising skills levels across the UK.”
Pension savers need to engage with their retirement options far earlier than is currently normal to ensure they save enough through their lifetime, according to a report from the Association of British Insurers (ABI).
The majority of financial advisers (85%) believe the number of self-invested personal pension (SIPP) providers will continue to fall in the coming year, according to Dentons Pension Management research.
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