Market update: A buoyant compliance market

We’re delighted to welcome David Phan to our compliance team in London. David has over 18 years’ experience across banking and recruitment, previously in relationship management roles at Barclays and Lloyds TSB, before moving into recruitment. David oversees permanent and contract compliance recruitment across the UK from large to medium sized banks with regional exposure. We’re looking forward to David developing and growing out our compliance division and compliance team.

David’s update on the London compliance market

Compliance is a buoyant market with multiple opportunities across banking including financial crime compliance. Most of these roles have resulted from growth of the compliance and financial crime compliance departments.

Hiring at the larger tier one institutions has been predominantly due to internal mobility, with approximately 60% of roles being created through side-step moves or promotions. This will create a backfill requirement for permanent positions next year, or a skills shortage on the contracts side.

The main areas that are causing concern within the compliance market are MiFID II & GDPR. A lot of the top tier banks have already got these areas covered, however some of the mid-tier financial institutions are a little behind schedule and are not quite ready for these when they both come into play next year. This has resulted in a very candidate driven market for both skills sets. The biggest risk for financial institutions is cyber-crime which is part of GDPR, not only does this result in reputational damage but financial loss for the banks and clients, as well as potential fines.

Within the operational financial crime compliance world, the requirement from government bodies are that banks have to check over 70 million current accounts for illegal immigrants – those who have outstayed their visa using CIFAS. Banks are extremely concerned with false positive hits amongst the additional work their staff have to take on, such as court order departments amongst others.

How we can help

The compliance desk at Marks Sattin is equipped to help you with competitor hiring trends, salary market updates, CV and interview techniques and advice and insight on regulations that are impacting skills shortages.

The candidates within our network vary from analysts up to chief compliance officers across banking, asset management and insurance.

Typical roles Include:

• Head of Compliance - CF10/SMF16
• Head of Financial Crime - MLRO/CF11/SMF17
• Compliance Advisory
• Compliance Assurance/Monitoring 
• Finance Crime Compliance Advisory
• Financial Crime Assurance
• Compliance Policy 
• First Line of Defence Financial Crime Operations - PEPs, Sanctions, KYC, Transaction Monitoring

If you are passively and proactively looking to recruit for your team, looking for a change of roles or require further information on what the market is like then please get in touch on 02077479653 or David.phan@markssattin.com