It may not have a reputation as the most exciting sector but compliance specialists are increasingly in demand.
In figures shown exclusively to City A.M., recruitment consultancy Robert Walters revealed compliance vacancies in the City of London in October rose 13 per cent compared to September.
This figure also represents a 17 per cent increase compared to last year, as banks continue to build their compliance cohort to strengthen quality assurance.
“Compliance hiring has been a priority for banks and financial institutions throughout 2015,” explained Chad Lawson, Robert Walters associate director, compliance recruitment.
“Pressure from regulators, the media and the public has served to reinforce a cultural change in banks following the financial crisis, with increased emphasis on quality assurance of internal processes and policies to provide fairness to the end customer.”
He added that the trend is likely to continue into the next year, and those with a strong skillset could expect to command strong salaries.
On 7 March 2016, the Senior Managers & Certification Regime, which takes a stricter approach to penalising senior management for regulatory wrongdoings, will come into force.
Lawson continued: “The decision by banks to invest in additional layers of protection reflects the change in perspective where ‘saving money’ through avoiding fines for non-compliance has become as important a part of strategy as ‘making money’ through traditional operations.”