Located in Tower Hamlets, not far from Canary Wharf, the National Skills Academy for Financial Services will select students based on their enthusiasm and aptitude for finance, rather than their formal academic qualifications.
It is designed around helping the industry reach out further than traditional graduate recruitment, working in partnership with big players such as Citigroup, Merrill Lynch and HSBC to make sure students are equipped with a varied yet highly relevant skill set.
FSA chief executive, Hector Sants, said: "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.
"To achieve this, we must break down perceived barriers to a career in financial services and develop world-class training facilities.
"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."
The Academy is the product of a £1 million investment fro the London Thames Gateway Development Corporation (LTGDC) and is hoped to also help stimulate the area's regeneration.
Teaching covers a wide range of financial areas and job skills, including accredited qualifications for mortgage advisers (CeMAP) and IFAs (CeFA). It expects to work with 600 students annually, with course durations ranging from one week up to one year.
