Finance firms preparing for Brexit by boosting salaries, study shows
A report from recruitment agency Randstad has shown that financial services firms in the UK are offering higher salaries as they prepare for regulatory changes that could be caused by the UK’s exit from the EU.
The annual report, which is entitled “Paying Attention” and looks at salary trends in the Square Mile, showed that banks are offering higher salaries in compliance, audit and risk as they prepare for any issues that could arise from the government failing to achieve an EU deal that will protect the City of London.
The study found that salaries in compliance, audit and risk have received a boost of between £5,000 and £10,000 since last year, while contractors were also shown to be earning between £50 and £100 more daily.
Demand for auditors is at a high as firms look to avoid legislation breaches after data showed that Financial Conduct Authority fines hit £230m last year.
Britons were found to be feeling positive about wage growth, with 55% expecting a pay rise in 2018, while 37% are expecting to receive a cash bonus. Women’s pay has risen by 12%, compared to 10% for men.
Randstad Financial Services’ Operations Director Adam Thorpe said that financial services are a key driver of the UK’s economy and employ more than 2 million people across the UK, so it is important that the government bats hard for the sector to make the post-Brexit transition as smooth as possible.