16th January 2019

Contract Market and Rate Report

The contract market remains buoyant despite economic and political uncertainty around Brexit. In 2018, financial services firms have been under increased scrutiny by the regulator to improve controls and meet regulatory demands and this continues into 2019.

We predict regulatory change, including the introduction of Senior Manager’s Regime across additional financial services sectors, and Brexit strategy across the banking sector in particular will have the biggest impact on the contract market in 2019. MIFiD II and GDPR were tackled in 2018 but some contracts continue to roll into 2019. On the whole, Brexit was approached tentatively by many firms and this will need to change this year. Interim legal support will predominantly mirror the compliance contract market.

Across compliance, there has been a demand for financial crime professionals linked to money laundering scandals and the implementation of the first wave of cryptocurrency regulations. We predict the 6th money laundering directive (6AMLD) and the payment services directive (PSD2) will continue to increase compliance contractor numbers within the financial services sector. The risk landscape is also changing with skills shortages in credit and market risk. With FRTB aiming to standardise the treatment of market risk and impose stricter global capital requirements, we predict the market risk contract market will expand.

Consultancy or interim support is often used to bridge the skills gap or as a tool to upskill the function whilst hiring for permanent professionals. In 2018 we saw a rise of interim hiring in financial promotions, central compliance, and monitoring and surveillance where hiring plans were delayed due to candidate shortages.

Many factors including the sector within financial services, geographical location and demand can affect the rates achieved by contractors. We have highlighted the key interim positions we hire for and the associated candidate rate range. These rates can fluctuate, and some individuals will obtain rates above these levels due to their specific expertise.

Interim Head of Compliance Risk or Legal

£600 – £2000 per day

Senior Compliance/AML Manager / VP

£550 – £900 per day

Compliance Manager/AML /AVP

£350 – £550 per day

Compliance Associate

£180 – £300 per day

KYC Analyst

£250 – £450 per day

Chief Risk Officer

£1500 – £3000 per day