Financial services contractors are increasingly branching into other fields as a way to differentiate themselves from an ever-growing talent pool.
Research from recruitment firm Grovelands suggests that the decline in the number of cases connected to the mis-selling of payment protection insurance (PPI) has led to an exodus of readily-available and qualified individuals. This has created a hirer’s market in which clients are able to demand particular skills and experience levels due to an over-supply of talent.
To combat this, contractors are actively adding further strings to their bow in an effort to make them more desirable to potential clients. Grovelands predicts that mortgages will be a particularly rich hunting ground for freelancers, thanks to the Financial Conduct Authority’s (FCA) Mortgage Market Review.
The study appears to back up this theory, as growing number of contractors have either gained or are looking to gain relevant qualifications. Some 15% of freelancers already hold a Certificate in Mortgage Advice and Practice (CeMap), while a further 11% plan to do so in the next 12 months.
A spokesperson for Grovelands said that financial services firms are witnessing an increasing number of cases where consumers believe the affordability and suitability of their mortgage product was not suitably assessed. They highlighted the successful prosecution of Yorkshire Building Society, which was fined last year for poor treatment of customers.
The spokesperson said: “Cases of this kind coming through to FCA and the Ombudsman are on the rise, and clients are in turn ramping up their recruitment to be able to meet the review needs that they are expecting.”
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