Employment woes begin
A mortgage group has warned of the employment troubles facing lending staff in the coming months, saying a “glut of labour is looming” for the financial services sector as lenders put off staff in response to funding and liquidity issues.
Loan Market Group’s chief executive Jennifer Neilson said with Australian lenders scaling back their operations, retrenchments are likely to continue in the coming months.
Neilson said the effect of the sub-prime crisis had “effectively shut down the residential backed mortgage market in Australia”, with the potential for “an exodus of talent” from an industry where “it was already difficult to build expertise”.
Meanwhile, according to recruitment firm eFinancialCareers.com.au, the staff of troubled firm Babcock & Brown (B&B) are in high demand.
The recruitment firm reports that international banks are “keen to take on B&B refugees who jump ship or get laid off”.
The recruitment firm has found that global banks in particular are looking to take on quality B&B employees, particularly those with knowledge of infrastructure and mining.
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
