Recruitment of permanent compliance people has been consistently busy for a number of years, but 2019 has brought about a change in this trend, with far fewer regulatory projects and less natural recruitment attrition to cause banks to hire fresh staff. Brexit has had a profound effect on recruitment as numerous candidates are waiting for the dust to settle before considering their next move.

Throughout the permanent market, and to some extent in the temporary market, large wholesale banks have been hiring significantly fewer people in 2019. It has not all been doom and gloom, however; much recruitment has occurred at the mid-senior level at medium-sized institutions and firms with branches in London which have 'Brexit-proofed' themselves.

In a number of ways, the experience of the temporary compliance recruitment market in 2019 mirrored that of the permanent one. The biggest influence on it came from Brexit and all the uncertainty surrounding the UK’s exit from the EU, leading a number of firms to vacillate. That being said, some firms undertook hiring projects in new jurisdictions that required 'interim' staff, setting up regulatory things and know-your-customer or anti-money-laundering (KYC/AML) projects. For these projects, they hired only temporary staff whose experience was very relevant, whereas in the past organisations had been more lenient. Alongside the reduction in hiring in comparison with recent years, there were numerous unique jobs that institutions found difficult to fill because experienced people were in short supply in those areas.

Top 3 permanent compliance jobs

• compliance monitoring officer (AVP/VP) (IB/AM)
• compliance advisory manager (asset management)
• financial crime monitoring/assurance

Top 3 temporary compliance jobs

• compliance monitoring officer/manager
• AML and transaction-monitoring analyst
• regulatory SMEs (small-to-medium enterprises)

Prominent benefits in compliance

'Agile' or flexible working has been growing in popularity for a few years, but is now rife throughout the field of compliance. Supported by technological advances, compliance folk can work remotely and do their jobs from whichever locations they choose and in the hours that suit them best (within reason). Any employers that do not offer the opportunity to work flexibly run the risk of missing out on talent, particularly at the senior end of the market where they are more likely to have family commitments.

Beyond this, financial institutions are concentrating on the health of employees. Numerous firms, big and small, are offering discounted gym memberships or in some cases even having gyms built on-site. An increasing number of firms are also now catering to people's religious beliefs, in turn creating an inclusive working environment that boosts productivity.

Predictions for 2020

While many areas of finance flounder in the confusion and unpredictability of the Brexit process, the decision for the UK to leave the European Union will continue to create opportunities for compliance people in various regulatory/AML fields.

With changes to IR35 coming into play in April 2020, contractors must be open to all opportunities.