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Regulatory Risk: Consultancy Opportunities Fuelled by Wholesale and Investment Conduct Shake Up

In the ever-evolving world of financial services, risk and regulation organisations need ongoing advice and support in managing regulatory change. For banks, regulatory change will require total transparency about their operations and for national regulators it means implementing agreements that marry conflicting insolvency regimes. The global financial crisis highlighted the need for further regulatory changes and more effective tools to resolve financial institutions in times of financial stress. As a consequence, we are now seeing a greater demand for niche skill-sets that support these changing regulatory requirements. 

With Audit and Risk being an ever-changing market, it’s no surprise that the spotlight is now shining on wholesale banks. The protection of Client Assets and Money (CASS) is a key area of wholesale and investment conduct that the FCA have tightened their reigns on, with the final rules having being enforced back in June this year in its Consultation Paper 13/5. 

Consequently, these rules have presented specific challenges and implications to financial institutions that hold or control client money. As such, investment banks are actively looking to increase their CASS capability by recruiting experienced consultants with the ability to offer high quality advice to clients on the interpretation of FCA CASS rules, help clients anticipate and comprehend regulatory change alongside working with clients to apply process changes to ensure adherence to the FCA CASS rules. 

Whilst the job market was aware that these regulatory changes were coming, it by no means had the volume of niche professionals to meet the needs of clients. With such a lack of CASS specialists in the market to meet the overwhelming demand, we are seeing candidates with experience in CASS receive multiple consultancy offers from firms. 

However, the increasing demand versus the skill shortages and need for niche skill-sets means there’s a need for compromise. As a result, we are also witnessing a crossover of skill sets, with a trend in candidates transitioning into CASS consultancy roles from jobs where they would not normally have exposure to develop into this specialist area. 

The significant increase in wholesale banking regulatory consultancy roles has been fuelled by the need to implement sufficient processes and controls to handle the changing CASS requirements coming from the regulator. Practical experience of the CASS rules are highly sought after and candidates with these skills are in a highly lucrative position to advance their career. 

If you’re interested in risk consultancy roles, get in touch with Victoria Heathcoate, Associate Director - Risk & Compliance Advisory -  for a confidential chat on +44 (0)161 830 1268 or emailVictoria.Heathcoate@ojassociates.com