UK FinTech and Payments Compliance and Financial Crime Hiring Market Trends

INSURANCE

In the UK Insurance sector, 2023 was marked by significant regulatory changes, including PRA (Prudential Regulation Authority) reforms in the Solvency II Regime and the passing of the Financial Services and Markets Act. The implementation of Consumer Duty, especially in life and general insurance, reshaped industry practices to improve the treatment of vulnerable customers, urged by the FCA (Financial Conduct Authorities). AI (Artificial Intelligence) revolutionised the Insurance landscape, contributing to a fundamental shift in operations.

Diversity and inclusion received renewed focus with PRA reforms, and the industry saw increased scrutiny with the introduction of Consumer Duty. The interplay between regulatory changes and the focus on ESG underscored the need for specialised skill sets, driving demand for Compliance professional’s adept at navigating this evolving landscape.

FINTECH / PAYMENTS

Within the UK Payments sector, adherence to UK and EU regulations took precedence, particularly in areas such as open banking, instant account-to-account payments, cross-border transactions, and the rising issue of APP (Authorised Push Payment) fraud.

Legislative proposals for the reform of PSD2 (Payment Services Directive), introducing PSD3 and a Payment Services Regulation (PSR), indicated upcoming improvements in payment services rules.

The introduction of MiCA (Markets in Crypto-Assets Regulation) marked a significant milestone for crypto, providing the first harmonised EU regulatory framework for crypto assets. Additionally, a change in legislation in October 2023 mandated FCA authorisation for crypto firms wanting to promote crypto assets in the UK. The sector demonstrated a commitment to regulatory compliance and innovation to address emerging challenges.

For tailored solutions to your hiring needs in the current UK FinTech & Payments Compliance & Financial Crime market, contact Georgina today. Her expertise and insights can guide you through navigating the current landscape and securing the right talent for your team.

Georgina Housden
Associate Director, Compliance, UK
T: +44 (0) 20 7010 1156 E: ghousden@danosassociates.com