The London market must seize the opportunity for change

The London market has long been a jewel in the crown of the capital’s thriving financial sector, but despite the industry’s best efforts, not everyone sees it as a viable career path, writes Wiser Academy managing director and CEO Crescens George.

For many bright and talented young people, the perception persists that the market is an exclusive club for the well-connected, leaving many wondering how they can break through.

Those of us who work in this sector know that there have been many fantastic examples of social mobility, but despite this the perception remains. As CEO of Wiser Academy, I spend a lot of time on the frontlines at our seminars and courses, meeting young people face to face. For many, the market is viewed as a profession for those with the ‘right’ background.

These young people worry that without the pinstriped suit and network of connections, they are unlikely to make it in the City. But the world is changing rapidly, and the London market must ensure it evolves too, and redouble its efforts to shift these perceptions. If it doesn’t, it risks losing some of the country’s best and brightest to other industries.

Mayor of London Sadiq Khan’s recent £10mn social mobility initiative, aimed at supporting 100,000 young Londoners by the end of 2024, is a welcome step towards addressing the social mobility gap in the capital. Focused on mentoring and providing young people with opportunities they might otherwise miss, this initiative could open the door to high-quality jobs for many who have felt locked out of such prospects. More initiatives like this are needed, not just in London but in all countries and regions in the UK, but the private sector has its part to play too.

Lloyd’s has already taken steps to address this. Its Inclusive Futures programme is a commendable initiative aimed at helping black and ethnically diverse talent advance from the classroom to the boardroom. By offering mentoring and bursaries for ethnic minority candidates, Lloyd’s is sending a strong message that it’s serious about diversifying its talent pool.

These are encouraging steps, but in my view they should only be the beginning. The London market needs to push further, wider and faster. Imagine what could be achieved if Lloyd’s, alongside other key players, tapped into a broader pool of talent across the UK. There’s an enormous opportunity to partner with schools, universities and local communities. Showcasing the vibrant, fulfilling careers on offer in the insurance sector could help break down the barriers that have kept too many at arm's length for too long.

At Wiser, we know this works. Young people, especially those from underprivileged areas, respond fantastically when engaged, and are enthusiastic about the opportunities a career in insurance can offer, once they find out about them.

And let’s not forget about gender diversity. While there has been progress – women now make up 43 percent of the Lloyd’s workforce, and the market recently hit its target of 35 percent of leadership roles held by women – there’s still much work to do. Programmes such as the Lloyd’s Advance initiative, which develops future female leaders, provide a solid foundation. But more needs to be done to ensure that women, particularly those from diverse and disadvantaged backgrounds, have the same opportunities to rise through the ranks.

The London market isn’t just competing with other sectors within the UK. It’s vying for a place on the global stage, alongside financial hubs such as Singapore and Hong Kong. If we don’t solve the diversity and talent pipeline challenges, there’s a real risk of falling behind. But there’s also a tremendous opportunity here.

By taking full advantage of the initiatives on offer, and building on these programmes with initiatives that reach out to all corners of the country, the London market can not only solve its talent issues but also lead the way in creating a more inclusive, dynamic and forward-thinking industry.