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UK Compliance Resourcing Changes & Demand

It has been well reported that the Financial Conduct Authority (FCA) is going through fundamental changes affecting how it runs and its focus on transformation and greater accountability as a regulator.

“We need to change the way we do things, and in some cases what we do. We are becoming a different organisation. The FCA must continue to become a forward-looking, proactive regulator.”

Nikhil Rathi, Chief Executive.

As part of these changes the market is set to see more regulations and enforcements, as the FCA upholds their mission to protect consumers from harm, enhance the integrity of the UK’s financial system and promote competition.

Last month the FCA reported that their actions resulted in financial organisations in the UK being fined £568m in 2021. The FCA has also taken action against individuals for insider dealing, non-financial misconduct and carrying out regulated activities without authorisation.

We have heard from a large number of our clients about how the pressure coming from the regulators has never been greater in terms of enforcement, compliance and authorisation, which is driving many firms to increase their compliance and financial crime ratio of staff to business. 

As part of the FCAs transformation plans, they have confirmed their investment in people and reshaping of their culture. However some of these changes have resulted in people leaving over pay and benefits, voluntary resignation programme, as well as the impact of moving their headquarters from the City of London to Stratford, and proposed office openings in Leeds, Belfast and Cardiff, with increased headcount in Edinburgh.

When asked about the resourcing risks across the FCA and the potential impact of this on business delivery, Rathi said:

“…it is a good news story in that we have a very hot jobs market… the labour market is very vibrant… And we’re no different to any other significant employer in having to manage those challenges.”

At the Danos Group we are seeing high demand for UK permanent and interim compliance professionals. As a leading provider of compliance recruitment solutions we are able to support our clients who are faced with the increased regulatory pressure, and for those candidates with FCA experience we can support their transfer into industry.

If you are a line manager looking for compliance recruiting solutions and advice, or if you are looking for a career move, please do reach out to our dedicated compliance Partners:

Denis Spearman, Partner, Head of Compliance & Financial Crime Practice (Permanent Hiring)

Katherine Lord, Partner & Head of Danos Consulting (Interim Hiring & Consulting)

Denis Spearman

Managing Director, Head of Compliance & Financial Crime, EMEA

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