Compliance headache creates goldmine for contractors

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Libor, PPI, the global financial crisis. These scandals go some way to show why the reputation of the banking industry has been dragged through the mud in recent years.

To help clear things up, the Financial Conduct Authority (FCA) has started to come down hard on compliance breaches – a way of proving to the country that the industry is determined to clean up its act. As a result, demand for compliance professionals has gone through the roof in recent months, as businesses become determined to avoid punitive fines at all costs.

Such a task naturally takes great skill and expertise, so it’s no surprise that the compliance industry has become a rich hunting ground for contractors. Indeed, new figures from the Association of Professional Staffing Companies (APSCo) reveal that the number of temporary or contract vacancies within the accountancy and finance sector has jumped by 11% year-on-year. This is streets ahead of the national average, which nudged up by just 0.7% across the board.

Commenting on the figures, Ann Swain, APSCo’s chief executive, said: “It is unsurprising that contract vacancies within finance and accounting far exceed average levels as businesses bring on board finance professionals on a contract basis to ensure compliance and boost efficiencies to facilitate growth.”

APSCo’s statistics show that contractors who specialise in compliance-related skills should never be short of assignment opportunities, while those operating within the financial services sector may decide to upskill and cash in themselves. As we’ve said before, professional development is essential for interim professionals to get ahead of the game.

Obtaining experience in niche and sought after areas in an excellent way to ensure a steady stream of assignments and keep your contracting career on the right path.

Have your say

Are you a contractor with experience in compliance? Have you noticed an increase in demand for your services? Do you expect the trend to continue? Join in the discussion on Twitter, or leave a comment below.