Yesterday’s Independent Commission on Banking (ICB) report may drive greater demand for IT contractors in the financial services sector, according to a specialist recruitment firm.

McGregor-Boyall, the financial services recruitment company, said that the ICB report, published by Sir John Vickers, will trigger regulatory reform that will force financial institutions to rethink some of their IT strategies. For example, the report calls for the ring-fencing of operations.

“[Financial institutions rethinking IT strategies] will inevitably lead to a renewed spike in demand for IT specialists – particularly contractors – to work on large-scale projects, which will be driven by compliance and risk issues rather, than investment in new systems,” said Laurie Boyall, managing director at McGregor Boyall.

Boyall made the observation as the recruitment firm published its second quarter financial services IT jobs report.

Although hiring in both contract and permanent jobs continued to be steady from the first quarter, the firm said that volumes are still significantly lower than the boom times of 2010.

“Our findings indicate that the market has now evened out in terms of recovery and the rapid growth we saw last year has stabilised,” Boyall said.

Furthermore, McGregor Boyall reported that the highest number of vacancies were in the area of risk, representing 16 percent of IT requirements. This was closely followed by operations (13 percent) and finance (11 percent).

In terms of the type of skills in demand, developers were most sought after (40 percent), especially those with C#, Java and C++ skills.