As we enter Q3 of 2015, the compliance contract team look back over the last three months to provide you with an overview of the trends we have seen within the interim compliance.
General hiring within the compliance space grew in comparison to Q1 2015; our figures show a percentage increase of 10%. This growth was expected with businesses needing to back fill the loss of permanent staff following on from bonus periods along with additional project-based hiring.
The advisory space has been particularly busy in both the regulatory and product space. With banks looking to recruit both at VP and senior VP level. Candidates who have good product knowledge in relation to equities, fixed income, FX and commodities have been in demand, with firms willing to pay on average £650 - £850 per day to attract such skills set.
On the regulatory side, firms are in need of individuals who have extensive knowledge of MiFID II, UCTIS, Dodd Frank, EMIR, MAR, MAD and FCA handbook experience. Candidates who possess such knowledge can expect higher remuneration, we have seen rates between £700 - £900 per day, even exceeding this depending on the depth of this knowledge. There seems to be a lack of candidates within this area, and strong interim candidates will often be in a position to negotiate due to having a number of opportunities available to them. The supply and demand issues within this area, often results in firms having to wait longer for notice periods for such candidates, particularly in order to attract permanent employees who are considering contract opportunities.
Although we have seen a steady flow of AML and KYC roles in Q2, this is most certainly down on the previous year. It would seem that most hiring is being conducted internally to cut costs, linked closely to the trend of banks looking to convert contractors into permanent members of staff. Individuals with sanctions and payments screening have been in demand, presumably linked to current affairs and fines within the financial services sector.
A select number of banks have hired significantly within the financial crime advisory space. Candidates who have a combination of learning and development within financial crime and the ability to train and educate, on topical areas such as CDD, sanctions and PEPS to front office staff and relationship managers are most appealing. However, it should also be worth noting that some banks have been quiet within this space in Q2 with very little or no hiring.
Candidates with central compliance and control room experience have been in high demand at AVP and VP level. Strong junior candidates demonstrating a desire to build a career within compliance have been attractive to banks, as have those with one to two years' experience in a junior compliance or an operational role. It has become apparent that there is a gap within the interim market for senior candidates possessing the above skills set.
The monitoring and surveillance space has been relatively quiet. However, the need for individuals with strong systems based mandate e.g. Thinkfolio, Aladdin, Sentinal, Charles River and Latent Zero has remained steady.