With just nine months to go before the Markets in Financial Instruments Directive (MiFID) is enforced by the FSA, London compliance recruitment agency Joslin Rowe is warning that a shortage of compliance staff is developing in London and across the UK.
“Over the last two months we have seen a 20% increase in the number of temporary compliance jobs focusing on MiFID orientated projects and this number is rising every week,” says Michelle Myers of Joslin Rowe. “It’s becoming a hotbed of compliance recruitment across the temporary market as financial institutions scramble to get the right people on board immediately. As a consequence multiple compliance job offers are becoming commonplace and contract rates are rocketing. Companies cannot afford to hang around if they want to have the right people on board to hit the November 1st deadline smoothly.”
According to the Joslin Rowe recruitment research an extra 1,200 temporary workers skilled in compliance will be required in the City of London over the next 10 months – thanks to MiFID alone.
“MiFID specialists are so in demand that we are even seeing savvy permanent employees move to temporary positions in order to take advantage of lucrative contracts – which are typically running at £700/ £800 per day,” says Myers. “It’s like the “Y2K” phenomenon all over again in terms of compliance recruitment requirements and there is no sign of this abating.”
According to Joslin Rowe’s latest salary survey, temporary compliance professionals can expect the following hourly rates:
Compliance Assistant – £15-A £20 per hour Junior Compliance Manager – £25-A £32 per hour Senior Compliance Manager – £30.00 plus per hour AML Junior – £15-A £20 per hour AML Assistant – £18-A £25 per hour Deputy MLRO – £25-A £40 per hour Control Room Analyst – £18-A £30 per hour
Established in 1982, Joslin Rowe provides the financial services sector accountancy, banking, compliance and finance recruitment services in the UK and Ireland. On 7 April 2006, Amsterdam-based international staffing services company Vedior raised its stake in Joslin Rowe’s parent company, The Blomfield Group, from 18% to 70%.