Senior bankers fear FCF is eroding Singapore’s international appeal: survey

Some 80% of senior staff are scared of unwanted side effects.

Managing directors and partners at Singapore’s financial services firms are worried that the Fair Consideration Framework (FCF) will ruin the city-state’s international appeal, according to a survey by recruitment firm Astbury Marsden.

The survey found that just over half of financial services respondents felt that FCF would have some adverse effects on the competitiveness of Singapore as an international business hub.

Meanwhile, a staggering 80% of senior financial services workers thought that the FCF will make it harder for foreign nationals to find a new role in Singapore over 2016.

Non-financial services workers were less optimistic. 63% of non-financial services respondents said that the FCF would have some adverse effects on the competiveness of Singapore.

“The government is trying to strike a balance between the need to have an open labour market and build on Singapore’s reputation as a global financial centre, against the need for employers to ensure that Singaporean talent is also nurtured,” said Mark O’Reilly, Managing Director for Astbury Marsden Asia Pacific.

“The overwhelming sentiment amongst the Singaporean workforce is that the FCF is helping local candidates but care needs to be exercised to ensure it doesn’t hinder Singapore’s international appeal,” he said.