By Daniel Hunter
While much of the comment around the banking review has been around the negative impact of the proposed introduction of a new offence - reckless misconduct in the management of a bank — there will also be the inevitable rise in opportunities for compliance professionals.
That’s according to Richard Webber, Director of the financial services practice at Twenty Recruitment.
“We are already seeing huge demand for candidates in the Client Assets sector which deals with the segregation of client money and professionals in this space are moving for pay rises in excess of 50%," he said.
However, Webber adds a note of caution explaining that the allure of the front office which attracted some of the brightest and best talent into banking may well lose its sheen if these recommendations are put into practice.
“A jail sentence for human error is a pretty sobering thought if you are deciding on what career choices you are going to make," he went on.
"The front office has always been the attraction with many very bright professionals accepting back and middle office positions in order to get there — few make it which means you have some pretty good people in the middle office.
"However, if the promise of the golden goose is suddenly replaced with possible criminal charges, we may find the entry level supply and demand curve suddenly reverses.”
Webber also questions the viability of the recommendations.
“Quite a number of the team that make up the parliamentary commission have no experience of banking, and banks are incredibly complex machines. Coming up with ideas and concepts is one thing, translating them in to actions and policies that are achievable is another," he concluded.
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