Second only to the US in terms of size and value of the fintech sector, the UK has a healthy financial technology ecosystem. Around 2,500 fintech companies operate here, working in a variety of specialties such as digital banking, regtech, insurtech, lending, payments and wealthtech.
London is the number one hub, with nine other clusters identified by the 2021 Kalifa Fintech Review. These include Manchester, Leeds, Edinburgh, Glasgow and Birmingham. 77% of wealth tech companies — Including personal financial management and cryptocurrency — is based in London.
Through the Global Talent Visa, the government encouraged both international fintech companies and talent to move to the UK. This contributes to a sector worth $13.4 billion and employs over 76,000 people.
Opportunities will come again and again. Artificial intelligence (AI), for example, is a significant growth area, with 72% of financial services professionals believing AI will be the most important technology shaping the industry in the next five years, according to a 2022 survey by PwC. I’m here.
Both AI and machine learning (ML) can be used to provide more accurate and personalized risk assessments, fraud detection, and online chatbot services for advice and help.
Fintech adoption rate is high
Other factors fueling the fintech industry are the UK’s historic position as a center of excellence in financial services, an educated workforce and the highest adoption of fintech products in the world. Revolut’s customer numbers have grown from 2 million in 2018 to 20 million and Starling Bank is on track to reach its 3 million users.
Supportive regulatory environments exist, such as the Financial Conduct Authority (FCA) regulatory sandbox designed to allow fintech companies to test their products and services in a controlled environment.
Compliance in growth
Emerging technologies require compliance and regulatory experts. As a result, compliance as a whole is an important growth area, and there are even more growing areas within this specialty.
Surveillance and Assurance, Financial Crime — especially anti-money laundering, sanctions (such as those imposed on Russia in response to the war in Ukraine) — Regulatory affairs and development are areas of particular interest.
Whether you want to move into the regulatory compliance field or are looking for new career opportunities in a field you already work in, there are plenty of opportunities to check out the Information Age Job Board, including the three below.
Sterling Bank, London Banking First Line Compliance – Head of Product Compliance
This Banking First Line Compliance Officer – Product Compliance position provides an opportunity to lead the development of Starling’s policies to support its customers. Responsible for overseeing T&Cs/legal documentation for both new product launches and modifications to existing products, as well as overseeing compliance in new product development and supporting ongoing compliance with consumer obligations . Manage and ensure timely responses to official inquiries and engagements, and ensure internal coordination and oversight.
Applicants should have knowledge of UK banks’ weak customer regulatory regimes and a passion for delivering excellent customer outcomes. This is an important role and requires a great deal of hard work, expertise and good relationships. See here for job details.
Vice President – Compliance Officer – Citi Global Wealth – ESG, Citi, London
Citi is seeking a Product Compliance Officer for the Citi Global Wealth (CGW) investment business in EMEA under the Independent Compliance and Risk Management (ICRM). Responsible for supporting internal strategies, policies, procedures, processes and programs to prevent violations of laws, rules or regulations, with a particular focus on ESG and design. We provide a risk management framework that keeps risk levels within the company’s risk appetite and protects the franchise.
Requires a deep understanding of investment products and services, a deep understanding of ESG, and knowledge of compliance laws, rules, regulations, risks, and typology with a particular focus on ESS and sustainability. If you are self-motivated, flexible, innovative and adaptable, apply for this position today.
Internal Audit Manager – Financial Crime, Conduct and Compliance, Monzo, London
Monzo’s is seeking an Internal Audit Manager responsible for conducting financial crime, conduct, and compliance audits. She will be responsible for financial crime planning, investigation and execution, conduct and compliance audits, and targeted one-off change program reviews.
To be considered, you must have a track record of identifying, assessing and assessing risks and controls, advising business stakeholders from a risk perspective, as well as understanding a commercial perspective. Relevant qualifications such as CIA, ACAMS, ICA Diploma, CRCM are required. You should also have a good understanding of the Institute of Internal Auditing Standards. It also requires strong knowledge of financial crime, conduct and compliance, either from previous regulatory experience or from within. financial institution. See here for all requirements for this role.
Kirstie McDermott works for job board partner Jobbio. She is based in Dublin and has been a writer and editor for her print and digital platforms for over 15 years..
For more compliance career opportunities, visit the Information Age Job Board today.
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