Featured Dublin, a city of choice for Financial Services firms and professionals.
Dublin, a city of choice for Financial Services firms and professionals.
  • Author: Ben Adams (Director & Co-Founder)
  • Date: 25 Jul 2017
  • Categories:

Are you a financial services professional working within the governance space?  Are you a financial services business anxious about the possible effect on your business post Brexit?

Well, there has never been a better time to consider the potential offered by Dublin.

As a leading recruitment agency specialising in the provision of temporary, contract and permanent staff into regulated and non-regulated financial services firms, consultancy firms and Fintech companies, we, at Broadgate Search, are well positioned to assist, whatever your requirement. 

We have well-established offices in London and Dublin and a reputation for excellence second to none.  We offer both clients and candidates a seamless cross-pollination between the UK and Ireland and are able to provide insights and guidance within both markets. Broadgate Search provides a first-class consultative service; we are delivery focused and aim to provide real time results for recruitment requirements within both the client and candidate market.

The recent Barclays announcement – that it intends to make Dublin ‘Its hub’ of operations for Europe - was not a surprise to us. This reflects what we are seeing on the ground: an increased interest in Dublin as an alternative to London for financial services companies keen to maintain a presence within the EU in an English-speaking jurisdiction.

We are experiencing growing demands from clients asking us to advise and implement expansion strategies to strengthen existing offices in Ireland. We are also currently witnessing firms increasing governance functions with a view to taking on more work and running these operations out of Dublin. We are assisting a number of clients asking for information on the Irish market with a view to establishing operations here. This is driven by a desire by many financial services clients to maintain operations within the EU.  Ireland provides a talented work force and  good facilities.  It is a desirable destination for many Broadgate Search UK clients and we are well established in Dublin to be able to assist with these recruitment needs.

As Dan Mulhall, Ireland’s ambassador to the UK said recently.  “For those who need to find a location within the European Union for some of their activities post-Brexit, there is no better place than Ireland."

The Irish government has now launched IFS Ireland to lobby and position Ireland’s IFS capabilities globally.  The new brand will support the already high-profile IDA Ireland, and will assist in attracting companies to Ireland. This new brand will help bring to a global stage Irelands vision and diverse financial services expertise.  

There is further support for growth with a substantial office building programme in Dublin, along the banks of the Liffey, which is creating new office space, apartments and retail units. With many of these new office spaces already snapped up, this is further confirmation that plans to expand in Dublin are being followed through by many firms.  The Irish government has also renewed its commitment to the 12.5% corporation tax – the lowest in Europe – and actively supports growth in the FinTech sector.

Ernst and Young has reported recently that Dublin is currently the top European city of choice, narrowly ahead of Frankfurt, for financial firms looking to move some staff out of London prior to the UK’s exit from the EU.  The Central Bank of Ireland confirms dozens of enquiries from UK based firms, particularly insurance companies. This increase in enquires would lead us to believe that we will see more and more FCA regulated entities making the move to Ireland. In our opinion, this will lead to a further increase in demand for compliance professionals based in Ireland with both FCA and CB experience.  Already this year, our Dublin office is reporting an increase in the number of clients seeking candidates with experience dealing with both Irish and UK regulators. This skillset is in short supply and candidates with this experience can expect to earn a premium.

There are already over 400 IFS companies in Ireland, including 200 which are home grown.  Ireland is the fourth largest exporter of financial services in the EU, this means Ireland is already well positioned to further expand on this and lead the way in financial services in Europe.  American companies are well represented with many already having operations based in Dublin and many more alluding to further expansion within Dublin.  Bank of America has just announced Dublin will be its EU hub going forward and Citigroup is rumored to be about to follow suit.

The growth in demand in Compliance and Governance is fuelled across all financial markets by the looming full implementation next year of MiFID II (January 3) and GDPR (May 25).  Denise Murray of the CBI has said.  “Firms who willingly engage and adapt are those who benefit most.” We see this first hand as many firms increase resources in these areas in order to meet CB and DPC requirements. With heavy penalties in place for breaches the focus needs to be on ensuring highly skilled individuals are ensuring compliance is in place by the relevant dates.

Currently, we are finding high demand for Conduct of Business candidates in both General and Life Insurance, as well as the Banking sector. In particular, candidates with Consumer Protection Code experience are highly sought after, along with Financial Crime and GDPR subject matter experts.

There is a lot of hiring in the GDPR space at the moment and a lot of this demand can be seen within the consultancy space. We are seeing a lot of smaller firms seek outsourced assistance for the implementation of GDPR.  We are also seeing a steady growth for Data Protection professionals within industry.  MiFID was busier in the early part of the year but is a little quieter now.  A lot of work will be under way at present, and we predict a rise in MIFID monitoring hiring as we approach 2018. 

Salaries in the private sector are more competitive than ever before and we, at Broadgate Search, constantly find ourselves advising clients on what salaries they can expect to pay for candidates with varying degrees of experience.  Salary benchmarking is service that we provide to both clients and candidates. This service is of particular interest to UK based firms looking to make hires within the Irish market. A shared database and an open-door policy across both our London and Dublin offices allows our staff to benchmark salaries accurately, at all levels.

Broadgate Search is proud to partner with the Association of Compliance Officers in Ireland.  The ACOI (established November 2002) was set up to fulfil three main objectives:  firstly to promote the advancement and dissemination of knowledge, information, views and ideas in the field of regulatory compliance and business ethics; secondly, to provide training and conduct examinations in regulatory compliance and business ethics, and, finally, to promote high ethical standards among all persons engaged in regulatory compliance.

We believe that Dublin will continue to attract financial services firms with a global presence.  It is a city with the capability to provide a talented workforce and all relevant third party services and infrastructure that may be required. Government commitment is here and so too are international companies.  There is, therefore, a strong argument for firms and candidates alike to consider options within Dublin.  Demand for office space and facilities as well as the need for skills will only intensify. 

Our team at Broadgate Search Dublin has built an excellent reputation. 

On the client side, we are trusted, not only to provide sound advice, but to follow through on practical requirements. Broadgate Search Dublin has been responsible for the provision of temporary, contract and permanent candidates into both Risk and Compliance functions at varying levels across both regulated and non-regulated entities, consultancies and Fintech companies.

Broadgate Search also prides itself on its candidate services. We appreciate that deciding to move jobs can be a big step and we are committed to the process at every stage, from that initial call through to your first day in your new role. Our teams receive first class training and are there for all your questions, queries and challenges along the way. Our team in Dublin has also been responsible for, helping candidate based within Ireland to secure new roles, but also candidates coming from the UK, Australia, USA and mainland Europe. With the demand for Risk and Compliance candidates continuing to rise, we are keen to partner with good quality Governance candidates, and individuals interested in making the move into Governance, regardless of your current location.

The next couple of years will be a period of flux, fired by uncertainty surrounding the UK’s exit from the EU and the implementation of tough new regulatory rules. There are challenges for everyone involved, both firms and staff, and we at Broadgate Search are perfectly placed to guide you through this period of change.  

Dublin is a welcoming international city which will be the only IFS centre in the EU with English as a first language. It offers a positive solution to many challenges arising from Brexit uncertainty. 

We at Broadgate Search are equally positive in the face of the challenges and changes that this period brings.  Our expertise is solution-driven and we look forward to continuing to provide a first-class consultative recruitment service to clients and candidates alike.

 

For further information or to discuss anything in the above, please feel free to contact one of our specialist consultants on 01 905 8601.