Compliance professionals’ bumpy road

The last 12 months have seen a change of government and continued post-crisis transition into the tougher regulatory era. Joslin Rowe and Compliance Monitor’s annual survey of over 50 City personnel (78% of whom were heads of compliance and the rest senior managers) found that – though most feel fairly paid – they still struggle to obtain a positive perception of their role and are pessimistic about coming reforms to the supervisory structure.

For more information about the compliance service at Joslin Rowe, soon to be Randstad Financial & Professional, contact Fergus Hooley at fergushooley@joslinrowe.com or see www.joslinrowe.com.

The signs from our latest survey initially seemed encouraging. When we asked “Do you believe your department’s current staffing level is adequate to meet UK regulatory requirements?” only 44% said “no” – a big drop from last year’s concerning figure of 56%. For the majority (72%) 2010 was marked by a completely static headcount, while over a fifth (22%) saw permanent headcount decreases. Only 6% of firms increased their permanent headcount in 2010 while 19% of departments turned to a more stopgap solution to cover business needs – increasing the hire of temporary professionals.