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In response to today’s KPMG & REC UK Report on Jobs, which highlights a short supply of skills in risk and compliance positions, among other fields, Nick Bayley, Managing Director of Compliance and Regulatory Consulting at Duff & Phelps has issued the following comments.
“With the UK seemingly on a path to leaving the EU in just a few months, UK regulators are working frantically to address the regulatory gaps that could arise from a no-deal scenario. As the FCA takes on additional competencies for the UK financial sector that the EU institutions now handle, these additional policy and oversight responsibilities will inevitably increase the need for qualified individuals to fill the Brexit compliance gap.
There has been significant and continued expansion of regulation in the sector since the Financial Crisis, both internationally and domestically. Although we may not see more policy-making of the scale of MiFID II or Dodd-Frank, in pushing ahead with the Senior Managers and Certification Regime and the Asset Management Study the UK regulators show they aren’t really slowing down. It shouldn’t therefore be surprising to see that risk and compliance is the most sought area for employment, given the current and future needs of the industry.”
