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Opportunity knocks for compliance. Will you answer?

by: (Associate Director, Research and Development) on

Last week I wrote a blog about the amount of people sacked or suspended in UK financial services.

The gist of it was that, yes, it seems shocking but that actually, it’s a good thing as it reflects the appetite of the regulator (and the firms?) to effect a change.  A positive/negative balance.

So I thought it would be worth having a quick look at some other positive/negative stuff that has just some out.

Bad news first

Here are some choice quotes:

"The reputation of Britain's banks has been so tarnished by the economic crisis and recent scandals that the industry is struggling to hire talented staff."

"Financial services firms shed 24,000 jobs in the final quarter of 2012 and are forecast to cut another 18,000 before March."

"In the last three months of 2012, 94 companies surveyed said on balance that business volumes had fallen for the second quarter in a row."

(http://www.bbc.co.uk/news/business-21120947)

The good news

(same sources)

"Optimism among UK financial firms surged at the end of 2012."

Expectations for the coming three months were high among banks, insurers and investment managers, and a large number of firms said t"hey planned to increase their spending on marketing."

"The reputation of Britain's banks has been so tarnished by the economic crisis and recent scandals that the industry is struggling to hire talented staff."

So as ever, there’s a balance to be found.

Is that a typo?

The eagle eyed amongst you will have noticed that the same quote appears at the start of the Bad News and then again at the end of the Good News.

That’s because it’s both. And it presents a massive opportunity.

Firstly, an opportunity for cultural change within the industry.

Secondly (and from the perspective of the individual compliance professional, perhaps more importantly), a huge opportunity to make your mark and land a great job.

Don’t just take my word for it.

Seize the day

City AM this morning highlighted the shortage of skilled compliance professionals which has “driven up wages" (a recent study from recruiters Robert Half showed bank compliance managers’ pay soaring 7.1 per cent this year to an average of £100,000”)

So before your enthusiasm for 2013 wears off, why not consider surfing this wave ?

ICT can help you make the most of your experience by certifying it through an ICA qualification. Or if it’s an area you’d like to get into, we can help you learn a lot and demonstrate your commitment to broadening your professional horizons.

Read all the news, both the good and bad, as in amongst it you’ll find there IS tremendous opportunity out there at the moment. But you need to grab it.  

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