Banks ‘paying compliance contractors £800 a day’

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The increasing burden of regulation is forcing banks and other financial services companies to compete with each other to source the right talent.

Specialist recruiter Compliance Professionals claims the situation has been exacerbated by a shortage in skilled workers, meaning firms have to pay “above the odds” to secure the people they need.

Its report revealed that many financial institutions have struggled to meet the ever-changing reporting requirements placed on them by regulators, forcing them to source experts to help them process the additional workload.

This is enabling specialist contractors to command much higher assignment rates than they could previously.

Compliance Professionals revealed that individuals with CF10A experience were particularly difficult to source. As a result, they are able to claim pay packets of up to £800 per day in some cases.

Duncan Jeffery, manager at Compliance Professionals, claimed that additional factors such as ringfencing are likely to push up demand for specialists – meaning individuals with the right skills set should never be short of opportunities.

He said: “The demand has been there for some time now and although it perhaps isn’t yet as frantic as three years ago, the markets are likely to reach this level again as a result of the ever-growing regulatory burden.”

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Are you a contractor with experience in the above areas? Have you noticed a jump in assignment rates? Do you think there will be an increase in demand for your services over the coming months? Join in the discussion on Twitter, or leave a comment below.