FSA clampdown 'boosting compliance recruitment'

8 November 2010

British banks are hiring a growing number of regulation compliance staff in a bid to avoid falling foul of new rules introduced by the Financial Services Authority (FSA), a new poll has suggested.

Research carried out by recruitment agency Astbury Marsden revealed that more than 700 of the 5,231 new jobs generated in the UK financial services sector last month were in relation to compliance issues.

"We are being told by clients that a lot of these new jobs are being created because the FSA is still taking such an aggressive line on fining organisations," Astbury Marsden chief operating officer Mark Cameron explained.

FSA spokesman Christopher Hamilton told Bloomberg that the recent increase in financial penalties dished out by the organisation is indicative of a "renewed focus on enforcement" following the worldwide banking crisis and subsequent downturn.

Last week, the regulatory body outlined proposals to implement tighter restrictions on the British mortgage market to avoid any repeat of pre-recession lending mistakes.

By Gary Cooper

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