FINANCIAL TRAINING GOES DOWN THE DRAIN
City firms cut employee training by 17 per cent provoking fears for the future.
According to recent statistics from the Securities & Investment Institute (SII) the number of financial professionals sitting the exams they must take before they gain their FSA accreditation has fallen by 17 per cent since last year. Wealth managers, investment bankers and stockbrokers would normally take these exams as part of their internal training programme. This year registrations for the exam are down to 42,000 and it is feared if they keep falling it will lead to a shortage of trained staff. Simon Culhane, Chief Executive of SII says: ‘(this) stores up problems two years down the road. When the recovery comes, and let’s hope it does come, if you haven’t the core skilled people in an international hub like London, then you are in trouble.’