post icon Pure Insights Category

The Battle for Compliance Talent

FinTech is revolutionising access to financial services, driving market efficiency and disrupting incumbent systems. Services such as peer to peer lending, equity funding and trading platforms have developed rapidly and, with economists predicting that investment in FinTech companies will increase to more than $30billion over 2016, the growth of the FinTech industry shows no sign of wavering and every sign of intensifying.

The rate at which FinTechs are growing has spiked their hiring demands across the board; talented compliance professionals are particularly highly sought after.

Change in the FCA’s regulatory approach has amplified the need for traditional houses to retain savvy compliance professionals, since they now face stricter regulatory standards than their younger, or more innovative, competitors. Moreover, the FCA’s regulatory sandbox permits the delay of the application of usual regulatory mechanisms to FinTechs, and other businesses deemed to be pioneering. The initiative aims to allow for innovation within newer companies, which are often only partially authorised, whilst still protecting consumer money – albeit, not by the FSCS (Financial Services Compensation Scheme). This means that there may be scope for greater creativity and thought in compliance work in the FinTech space.

Companies need to retain top compliance talent to avoid penalties and retain a competitive edge. The recruitment market is busily moving these professionals from Banks to FinTechs – despite high demand at both ends.

So why are compliance professionals making the jump from Banks to FinTechs? And what can businesses do to attract and retain top talent in such a candidate short, competitive market?

For a confidential and bespoke discussion about your compliance function, recruitment needs, or for bespoke career advice, please contact one of our specialist compliance consultants.