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Financial academy back by FSA

The UK’s financial regulator, the Financial Services Authority, has announced its involvement in a new financial training academy, which has been launched in East London. The London Thames Gateway Development Corporation is being backed by the FSA, and a number of banks and financial institutions have become involved in the academy.

It is hoped that the academy will enable younger consumers from deprived backgrounds to learn about finances and build on their natural aptitude for financial matters, which a view to entering into work within the financial field. Over recent years, with the UK debt mountain causing increasing concern, officials and authorities have been trying to encourage the introduction of financial lessons in schools, and this academy goes another step further.

Entry to the academy will not be based on academic qualification, but more on aptitude and enthusiasm for financial matters. A number of financial institutions have become involved in the development of courses for those that study at the academy, including HSBC and Citigroup. The academy was launched last week, and will enable those from disadvantaged communities to work towards a career in the financial services.

One FSA official said: "The financial services industry forms a very significant part of the UK economy. With a well documented skills shortage in this industry, it is vital that we encourage more people into financial services to maintain London’s established position as a world leading financial centre. The FSA supports the Academy as an excellent example of a progressive approach to education in our sector. Employers will benefit from the increased flow of enthusiastic, high quality entrants from diverse backgrounds into the financial services industry."

Tom Smith
4th March 2008

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