Want huge salary increases and to be in constant demand? Forget the trading floor, compliance is where it is at

For London’s retail and institutional FX industries, both of which are among the largest and most well respected in the world, it is not sales and customer relationship staff, vital to the cast-iron reputation British companies have for top-drawer service, nor is it product development executives which steer Britain’s ultra-modern fintech-orientated financial sector forward, that […]

Financial Compliance is where the money is at!

For London’s retail and institutional FX industries, both of which are among the largest and most well respected in the world, it is not sales and customer relationship staff, vital to the cast-iron reputation British companies have for top-drawer service, nor is it product development executives which steer Britain’s ultra-modern fintech-orientated financial sector forward, that are in the highest demand.

Believe it or not, it is the belt-and-braces compliance officer that is in high demand, with, according to a report which has been issued by specialist recruitment company Barclay Simpson, 75% of managers in the Square Mile and Canary Wharf  admitting that they have difficulties in locating and recruiting employees that are skilled in compliance, and among those managers, 62% stated that the difficulty in recruiting compliance professionals with the required level of technical acumen was high.

Barclay Simpson’s report states that British firms in the financial sector are in such need of skilled compliance officers that 68% of all managers surveyed stated that their compliance department is “insufficiently resourced.”

These results are indeed testimony to FinanceFeeds having reported at the beginning of 2016 which stated that compliance officers operating on a consultancy basis are in line for large increases in their daily rates this year.

At that time, the London operations of recruitment consultancy and HR outsourcing specialist Robert Walters stated that financial institutions, including banks and electronic brokerages in London have found that senior compliance officials are in such high demand that companies are resorting to hiring external contractors from professional services consultancies and independent consultants.

Robert Walters’ report, called “The Salary Survey” showed that day rates for consultancy and contract positions in certain senior compliance roles will rise by 20% to £1,200 per day, and middle-management or internal compliance roles will rise by 7.7% to £700 per day.

As the first quarter of 2016 draws to a close, companies in Britain are increasing their recruitment spend in order to pay higher salaries to attract the right talent.

Morgan McKinley, another specialist recruitment company, released a report last year stating that salaries for compliance officers in London had increased by 20% during 2015, and as MiFID II continues to reach its final stages, the regulatory landscape is proving increasingly complex, requiring a high standard to be upheld within compliance departments to understand, let alone implement such a comprehensive set of rulings.

Indeed, it certainly looks to be the case that among those seeking career mobility and substantial increases in standards of living, the seekers of edge of the seat action on the trading floor have given way somewhat to those with a penchant for bureaucracy.

Read this next

Industry News

Kim Kardashian fined $1 million for touting EMAX tokens on social media

“Investors are entitled to know whether the publicity of a security is unbiased, and Ms. Kardashian failed to disclose this information.”

Retail FX

INFINOX launches IX Exchange platform with +20,000 markets in UK

“The launch of IX Exchange is a statement of intent for our growth strategy and a game-changer for our clients’ trading potential.”

Retail FX

Saxo issues gloomy report for Q4 2022 and beyond

Globalisation was the biggest driver behind low inflation over the past 30 years and instrumental for emerging markets and their equity markets. Globalisation in reverse will cause turmoil for trade surplus countries, put upward pressure on inflation and threaten the USD as the reserve currency.

Executive Moves

ICE appoints Caterina Caramaschi to oversee interest rates and equity derivatives

“As the head of a product set covering some of the biggest interest rate and equity derivative benchmarks, at a time when investor’s priorities are firmly focused on interest rate changes and the outlook for global economies, Caterina’s two decades of financial market experience, and the relationships cultivated during that, will be invaluable in developing these products to the benefit of our customers.”

Retail FX

Plus500 sponsors Chicago Bulls ahead of trading platform launch in United States

Plus500 has signed a major multi-year sponsorship deal to become an official global partner of iconic NBA team Chicago Bulls. 

Technology

Polygon.io adds stock options APIs to market data platform that includes FX and Crypto

Polygon.io has launched a new set of stock options APIs to its entirely self-serve real-time data APIs, which includes stocks, crypto, forex, and options APIs free to use.

Market News

What’s in store for markets this week!

After The UK government unveiled their top tax rate cut, setting fire to GBP Cross pairs, prompting an intensive sell-off on the cable

Podcasts

FinanceFeeds Podcast Ep. #7: Exness’s Elena Krutova shares how to recruit the best talent in FX

FinanceFeeds is delighted to announce the release of the FinanceFeeds Podcast’s seventh episode featuring Elena Krutova, Chief People Officer of Exness, the renowned FX and CFD broker headquartered in Cyprus.

Executive Moves

Crculus taps Michael Idzkowski as head of sales

Michael Idzkowski has joined Crculus, a UK-based startup that describes itself as a multi-custody middleware infrastructure for financial institutions, in the post of its head of sales.

<