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Financial services market update

Posted by: Katherine Garratt 22 Nov 17 - 9:15AM  | Matthew Wainwright blog
Matthew Wainwright, Senior Consultant for accountancy, finance and risk at Jonathan Lee Recruitment, provides an update for the finance service sector in his latest blog.

Regulations and standards

Movement in the regulatory arena continues to march on. At the forefront of this is the looming deadline for IFRS-9. During 2017 we have noted increased utilisation of consulting firms and independent contractors, as well as a rise in demand for credit risk professionals, in preparation for the January 2018 go-live.
Mattew wainwright - Accountancy Finance Risk recruitment
Matthew Wainwright

Moving and shaking

In on going efforts to remain profitable, significant changes have shaken some organisations. In September, Paragon restructured. Originally a buy-to-let mortgage provider, the Board of the newly amalgamated Paragon Banking Group now seek to increase the breadth of their products, breaking into car and business financing.

We have also seen the Co-op Group shed its final stake in The Co-operative Bank, favouring its Food business, as evidenced by a successful bid for rival convenience brand, Nisa.

What 2018 could have in store

Due to the prospect of further BoE interest hikes, uncertainty caused by Brexit and rising inflation, it is strategically important for challenger banks and mutuals to possess adequate resources in the areas of treasury, financial planning, and credit risk. Such strategy must be founded at Board / Senior Management level, in order to ensure efficient models to manage capital, revenue, and lending appetite.

Mergers and acquisitions could also see an increase in the coming months and years, and is a way for more traditional banking groups to diversify product offerings into promising new avenues. This is particularly applicable given the rise and popularity of newer online-only and mobile app based platforms.


Finally, there is the unknown: Distributed Ledger Technology, or Blockchain. Initially treated with scepticism, the technology is receiving increased attention as its advantages become more apparent. Consulting firms and a consortium of global banks are already evaluating how Blockchain can drive efficiencies and cost-savings, particularly for international money transfers and compliance.

Matthew Wainwright is a senior consultant at Jonathan Lee Recruitment, with a track record successfully identifying finance & risk professionals on behalf of clients in the financial services sector.

Contact Matthew Wainwright
01384 446158
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