Spending on compliance is supposed to double by 2010. Does this mean banks are indulging in a frenzy of compliance hiring? Sadly not.

Instead, it seems the emphasis is on either shifting people into compliance from other roles internally, or trying to make do until times improve.

“The volume of roles is very similar to 2007 levels, however certain investment banks are offering roles to internal candidates more frequently,” says Fergus Hooley, associate director in the compliance team at recruiters Joslin Rowe.

“People want to be seen as being cautious and careful,” he laments.

Junior roles have been the most affected, says Gail Connolly, managing consultant at recruitment firm PSD.

“There is less of a requirement now at the more junior end, people with perhaps one to three years’ experience. That has tailed off,” she explains.

Connolly says hiring is stronger for compliance pros in the £70k-£100k bracket.

“Some banks are still filling business-critical roles, but with others there has just been a freeze across the board,” agrees Marnie Woolf, of specialist compliance headhunter Woolf & Co.

“Rather than coming to recruiters and saying we need to recruit someone, we haven’t got approval yet but that will not be a problem, now all the 'i's have to be dotted and the 't's crossed,” Woolf adds.