Economic secretary to the HM Treasury Lucy Rigby has penned a letter to the Financial Services Skills Commission (FSSC) requesting it to research how AI and other emerging technologies can bolster the finance sector.

FSSC chair Mark Hoban and chief executive Claire Tunley are tasked with researching how AI and other technologies are impacting the finance sector, and how the industry can keep pace in an ever evolving landscape.

The scope of the research should consider the next five to ten years, a broad time range considering the AI revolution that accelerated in just the past three years, focusing on business practices, workforce, and skills impact.

The resulting report will need to assess the impact of AI and other disruptive technologies on the financial sector’s growth potential and productivity, as well as its affect on customers.

The commission will need to assess the skills the financial services sector will need to successfully adopt and implement new technologies, as well as create a new plan to build these necessary skills.

Further, the commission must create a cost-benefit analysis of any proposed measures.

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“The UK’s financial centre has long attracted the brightest and best global talent,” Rigby wrote.

“To continue to attract the right talent and develop the right skills over the coming decade will be fundamental to the government’s aim to ensure the UK is once again the global location of choice for financial services firms to invest, innovate, grow and sell their services throughout the UK and to the world.”

The FSSC will work with the City of London Corporation, TheCityUK, Lloyds Banking Group, and PwC to deliver the analysis, according to the letter.

The economy secretary expects the assessment to be completed in mid 2027, but it may consist of more than one report.