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UK Finance Directors Struggle to Find IT Support

Financial services are struggling to find the right people to oversee IT in banking.

The high pay packets offered by banks will attract the best IT skills available. This will inevitably leave regulators with a tough challenge to get the skills it needs to bring real change to banking IT.

An IT professional in the banking sector believes the Bank of England's recruiting system does not help matters.

He said he applied to work for the organisation and was prepared to take a large salary cut as he feels so strongly about fixing banking IT.

According to Gareth Lodge an analyst at Celent, jobs were recently advertised by the FCA for the new payments regular.

He said: "The roles at the FCA were advertised - and most banks pay more, a lot more. I suspect the FCA won't have the budget to employ the quality of people required."

Chris Skinner, chairman at the FCA said its company, like other regulators, is becoming more and more informed about technology.

He said regulators should look at where there are system risks in the same way as they are looking for bank risks in funding and reserves.

He said: "Systems risks are easy to uncover. For example, they could ask: How old are your systems? How many people have knowledge of the details of these systems? How many outages or downtime issues have you had in the past 12 months and 36 or 60 months? How mission critical is this system?"

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