Recent job market trends in the Banking and Financial Services industry suggest a greater emphasis on the recruitment of internal communications professionals who can guarantee a company's compliance with the Retail Distribution Review that has been in effect since the end of last year.
Guy Emmerson, Operations Director, Banking and Financial Services sector of international recruitment consultants Badenoch and Clark, explained that: "Internal communications professionals are currently sought after within banking and financial services, owing to the need for financial regulations to ensure they are compliant with the new Retail Distribution Review [RDR]."
In effect since 31 December, 2012, RDR is a UK Financial Services Authority initiative that seeks to improve clarity for investors, increase advisor standards and reduce any conflicts of interest. New practices ensure advisory firms adhere to multi-pronged disclosure: to describe their services as either independent or restricted, to separately charge clients for services and to ensure the pursuit of a code of ethics.
The main points to arise from RDR include the need for the eradication of commission bias, for transparent services, for independent advice that corresponds to the needs of the investor, for no hidden fees (costs calculated up-front so investors always understand how and when payment can be made for the advice) and for investment advisers to all be qualified to the equivalent of a first year of University degree standard.
While it was estimated that RDR would reduce profitability (according to this 2011 Plimsoll Consulting report) it has opened up the job market.
Emmerson notes: "We have seen the continuation of a 2013 trend for the hiring of mid to senior level wealth and asset management professionals within advisory and monitoring. As the market improves and confidence returns there is increasing pressure on compliance and therefore the rise in demand within the advisory and regulatory fields."
Immediate trends suggest a continued hiring policy: "As we move into Q3, there is a focus on regulatory change programmes throughout the city, with EMIR, Dodd Frank, FATCA and AML work streams showing particularly high levels of hiring."
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