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UK Contractors: Financial services most positive sector when it comes to the recession

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The recession has been good for financial services, revealed a recent report, which will come as great news for contractors working within the sector.

Latest research from a specialist recruiter, Randstad Financial & Professional, has found that of the 2,000 UK staff surveyed, those working within financial services are some of the most positive in the UK when it comes to the impact of the recession.

Only 16% of the wider UK workforce thought that change brought on by the economic downturn has had a positive impact, compared to 27% who work in financial services.

The survey, which looked into attitudes to change in the workplace, revealed that two-fifths of staff feel the regulatory change has had the biggest impact on the sector, but over half of financial services staff believe more change is necessary to improve the sector.

Tara Ricks, managing director of Randstad Financial & Professional, said, “The financial services sector was firmly in the eye of the recessionary storm.  For the last six years, businesses within the sector have been battered by changes to regulation, management structure, staffing policies and business levels. Companies have had to adapt to this new environment to ensure they can ride the storm while keeping the talent they worked hard to attract.”

According to staff within the sector, the most significant changes made within the financial services sector over the last six years have been to do with regulation.

Tara Ricks, added, “Regulation has been a huge issue for businesses within the sector over the last few years. Where there was once one regulator for companies to comply with – the FSA – there are now three. The regulatory approach has shifted from ‘light-touch’ to customer focused. And the UK has led the world on implementing changes such as liquidity rules, meaning companies have been required to adapt with no precedent.

“While some in the industry have bemoaned changes to regulation, many have argued that the change will make the UK more attractive to investors and overseas companies as a clean, well-regulated market is an attractive place to do business and it seems a great deal of staff within the industry feel the same.”

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