Demand for flexible workers with skills in the financial services sector is currently soaring in London as banks attempt to comply with new accounting standards, a market analysis by specialist contract recruiter Venn Group indicates.

Venn Group’s latest data shows that contract vacancies within financial services in the capital increased by a staggering 45% between April and May 2015 due to banks becoming particularly interested in sourcing talented contractors and freelancers with specialist skills.

Firms in the sector are currently striving to meet the IFRS 9 standard deadline, which comes into effect on New Year’s Day 2018. A survey recently revealed that almost 50% of chief finance and risk officers at financial institutions are worried that they will miss the deadline, which has resulted in a significant upturn in demand for flexible staff with a risk and compliance skill set.

Venn Group director Jodie Finn said: “Compliance is once again high on the agenda for financial institutions. Within investment banking, we are seeing particular demand for trade service officers with experience in managing complex transactions with corporate customers. Those with a strong understanding of risk and compliance are particularly sought after.”

She added: “The new UKGAAP financial reporting standard, which came into effect in January this year, is also creating unprecedented demand for accountants specialising in derivatives.”

Ms Finn has also predicted that the recent job cuts announced at HSBC a fortnight ago will lead to huge rise in demand for contractors. The upcoming vacancies could be concentrated on HR tasks and other operational roles as the bank attempts to manage the transition period successfully.

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