Newspaper article The Evening Standard (London, England)

Complliance Staff Numbers Go Rocketing

Newspaper article The Evening Standard (London, England)

Complliance Staff Numbers Go Rocketing

Article excerpt

Byline: NICK GOODWAY

THE fastest-growing profession among private-client stockbrokers and fund managers by a mile last year was in compliance staff as firms geared up to the new regulatory regime under the Financial Services Authority.

More than 1000 new people found jobs in the industry taking the total employed to just over 25,000 - a rise of 4%. But in the compliance department the numbers employed rocketed by a staggering 24%.

Angela Knight, chief executive of the Association of Private Client Investment Managers and Stockbrokers whose 84 members supplied the data for ComPeer's annual survey, said: "It is of concern that all fims are reporting significant increases in costs at this time as a result of changes to regulation."

With many brokers and fund managers struggling to remain profitable in falling markets the survey had the cheering news that private clients who took advice from the professionals did considerably better than those who followed their own hunches. …

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