Compliance demand returns London financial services hiring to pre-recession levels Monday 19 January 2015 PDF Print Compliance demand returns London financial services hiring to pre-recession levels • 9% increase in hiring of compliance specialists but operational roles drop considerably • Demand for legislative experts prompts sustained rate rise • Future of City jobs market hinges on general election A new analysis has found that hiring activity in the London financial services market has increased and returned to pre-recession levels, largely as a result of increased business volumes and a growing requirement for compliance and legislation specialists. Statistics from the latest analysis of the contractor market by Venn Group, the contract recruitment specialists, found that there has been a sustained growth in the hiring of compliance experts although the demand for operational staff has continued to fall. This has been largely driven by the ongoing need for institutions to meet the requirements imposed on them by financial regulators. As a result, the majority of hiring activity has been focused on professionals who are skilled in understanding complex regulation and the potential impact this can have on firms’ bottom lines. This backs up the findings of a study by PwC and CBI which found that optimism amongst financial firms will continue to climb in 2015. Jodie Finn, Associate Director of Venn Group, commented on the findings: “The demand for skilled regulatory professionals has meant there has been a growth in the number of vacancies in the financial services market. Organisations are increasingly looking for individuals who can not only understand the complex legislation, but also grasp its potential impact on their financial success. Consequently, there has been a sustained demand for professionals in this field as well as for regulatory and risk specialists. Many organisations have also looked to bolster their ranks by taking on KYC (Know Your Client) specialists who can ensure firms aren’t facilitating money laundering and these professionals are likely to be highly sought after for the foreseeable future.” “Elsewhere, demand is being driven by the implementation of ring-fencing of core UK financial services and activities. Although there continues to be much speculation over the exact impact of the scheme, it is widely agreed that this will at least drive hiring activity among many UK based firms. It’s also likely that the figures would be significantly more optimistic if we weren’t approaching the general election. Many firms have held off investing in talent as a result of one of the hardest to predict outcomes in recent memory but we can expect the market to expand further in the latter half of 2015. And as a result of this increased demand, it’s highly likely that rates will rise, particularly for professionals in the most sought after fields. In fact, we are already seeing some contractors command day rates in excess of £1000.” MEDIA CONTACT: Bruce Callander BlueSky PR T: 01582 790 090 E: firstname.lastname@example.org W: www.bluesky-pr.com This press release was distributed by ResponseSource Press Release Wire on behalf of BlueSky Public Relations Ltd in the following categories: Business & Finance, Education & Human Resources, Public Sector, Third Sector & Legal, for more information visit http://pressreleasewire.responsesource.com/about.