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Financial services sector to change in coming years

26/09/13

The UK's financial services sector is set to undergo major changes over the coming years, as regulatory reforms and technological advances change how the industry operates.

For professionals keen to get top jobs in this area, keeping abreast of these cultural shifts is crucial if they do not wish to be left behind by more forward-thinking peers and see their career plateau.

According to Lisa Winnard, HR director at Sesame Bankhall Group, people wanting a career in the sector must not be "faint-hearted" given the rapid pace of change seen over the last decade and the further fluctuations expected in the future.

Writing for Money Marketing, she cited the move from the Financial Services Authority to the Financial Conduct Authority and the Mortgage Market Review as two major alterations to the industry in recent years.

Coupled with the intense media scrutiny of financial services seen following the recession, young professionals hoping to progress in their career will need to box clever if they are to move up the ladder.

Some of the areas highlighted by Ms Winnard are the increasing drive to build up a more diverse workforce, with the prospect of European regulation forcing UK businesses to appoint a certain percentage of female staff to top positions and the move away from nine-to-five working patterns.

"Advances in technology allow us to work remotely and therefore our leaders need to be equipped to manage a different type of workforce. Virtual leaders need to create effective communication channels, to engage, develop, manage and deliver through successful teams in a virtual space," she suggested.

Finally, the HR chief argued that dealing with the modern workforce will be a major challenge for anyone hoping to move into financial services management, as people from different generations and backgrounds undertake similar tasks.

Allowing these demographics to come together harmoniously and get results will be crucial to generating successful management techniques in the future, she concluded.

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