Increasingly tough legislation from financial regulators will reportedly result in City banks having to hire armies of compliance consultants in 2016. A survey reveals that lenders and other institutions are so desperate to hire for senior roles in compliance, they are willing to resort to short-term contracts to get them. The Financial Conduct Authority (FCA) is set to announce plans next week to force the big four UK banks, including Barclays, RBS and Lloyds, to recruit more people with a background in compliance. Barclays' CEO John McFarlane said in November that the disadvantages due to increased regulation and taxation will cause the UK's attractiveness as a financial centre to reach a "tipping point".
Increasingly tough legislation from financial regulators will reportedly result in City banks having to hire armies of compliance consultants in 2016. A survey reveals that lenders and other institutions are so desperate to hire for senior roles in compliance, they are willing to resort to short-term contracts to get them. Rates for people in stress testing and credit risk modeling will rise 6.3%, to £850 per day, while temporary roles in market risk reporting will rise 16%. Barclays' CEO John McFarlane said in November that the disadvantages due to increased regulation and taxation will cause the UK's attractiveness as a financial centre to reach a "tipping point".