Diversification is the key to surviving, as Scottish finance recruiters are urged to tough it out, says Change Recruitment director.

Recruiters focused on the Scottish banking sector have been badly hit as banks such as RBS and HBOS have suffered.

“This is detrimental for agencies who have not diversified their focus in the past,” says Neil Campbell, divisional director of Change Recruitment Group.

“They will now be finding it harder than ever to make headway with the life & pensions and investment companies, where a select few agencies hold agreements and are well versed in the service expectations of these more ‘niche” institutions.”

“By maintaining this business and seeing out what is undoubtedly a tough period all round, the signs are positive for the Scottish market where relocation and/or outsourcing of financial services business requirements provides a more long-term, cost-effective solution - a significant driver for all business at present.”