There has been a nearly 99 per cent increase in risk and compliance (R&C) vacancies in the UK compared to last year, according to research from Morgan McKinley and Vacancysoft.

The research said that this has led to average pay increases of 20 to 25 per cent across risk disciplines.

UK banks looked to recruit 8,750 R&C specialists in 2021 according to the research, representing around a 67 per cent increase on pre-pandemic levels.

These banks published 850 R&C vacancies in January, representing a roughly 88 per cent increase year-on-year.

In addition, the research found Natwest had the highest increase in risk and compliance vacancies, rising 608 per cent year-on-year.

Roles focused solely on compliance represented most of the risk and compliance vacancies, accounting for 1,800 jobs in 2021 and 29 per cent of all R&C roles.

"The start of 2022 saw a dramatic improvement in risk, compliance, and financial crime recruitment,” said Ben Harris, associate director, head of governance, compliance, IA and risk management at Morgan McKinley. “Hiring for permanent risk and compliance professionals was busy at the end of 2021 and showed no signs of slowing down - to the backdrop of what people called “The Great Resignation” and the post-pandemic bounce-back predicted for financial services.

“With the easing of coronavirus measures banks, having made significant cuts to their staff, needed talent to join their teams again. The recruitment market is candidate-led, with job-seekers in 2022 being offered multiple options.”

He added: “In addition, the onset of bonus season will flood the market with talent that wasn’t previously looking, requiring institutions to move quickly on offering roles."

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