Regulation & compliance

Regulation is a specific aspect of finance which ensures that financial institutions conform to legal requirements and operate fairly. Regulators also provide information to consumers to protect them from improper practices.

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Regulation is a specific aspect of finance which
ensures that financial institutions conform to legal
requirements and operate fairly. Regulators also
provide information to consumers to protect them from
improper practices. In Ireland, regulation is the
responsibility of the Irish Financial Services Regulatory
Authority (known as the Financial Regulator), a division of
the Central Bank and Financial Services Authority of
Ireland (CBFSAI). The UK is regulated by the Financial
Services Authority (FSA), with main offices in London.
Financial firms employ compliance officers to ensure
that the regulators’ requirements are followed. These may
not necessarily be known by this job title and may be part
of an accountancy role.

What will I do?

You will regulate/analyse firms and financial markets and
implement regulatory policy. Starting out, you may
supervise a small bank or be involved with the
development of policy. Regulation also requires roles for
accountants, legal representatives and IT, HR and
marketing professionals.

The FSA offers a number of graduate training schemes.
To work for the Financial Regulator, you apply to the
CBFSAI. Recruitment is ongoing and you may work across
their banking, regulating or support functions. Financial
firms such as hedge fund managers often have
compliance functions within their finance departments.

Qualifications

Both regulatory authorities particularly seek 2.1 graduates
from numerate or law disciplines but do accept
applications from other disciplines. For compliance
functions, check the websites of specific employers. To
work in regulation or compliance, good communication
and analytical skills are essential.

A growing industry

The regulatory authorities effect change in the financial
services industry but also are affected by change. Recent
financial scandals have increased the profile of the
regulatory authorities and provided them with new
challenges.

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