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The financial services industry has slammed Britain’s education system, according to the Chartered Insurance Institute.

More than half of all the employers surveyed accused the education system of failing to meet the needs of the industry, while only 3 per cent described basic levels of education as “more than adequate”, according to the CII’s second annual skills survey.

The survey, which was conducted online among 3511 CII and PFS members, also revealed that three-quarters of employers reported shortages of technical skills – a rise of 5 per cent since 2007.

In response to the findings, Lord Hunt, president of the CII, said the results provided a wake-up call to the industry and urged everyone in the industry to play an active role in raising skills levels.

He said: “The results of this survey provide a wake-up call, if indeed one was needed, that we all need to play an active part in raising skill levels. The increase in those reporting skills gaps is a particular worry. Employers, individuals and institutions such as the CII, the Financial Services Skills Council and the government need to continue to work together to ensure that the industry’s needs are being met.”

Lord Hunt said: “In this period of economic instability, it is vital that we do not take our eye off the skills issue, tempting though that may be. Cuts to training budgets in order to make a quick saving will in the end prove to be a false economy.”