Research undertaken by Randstad has found banks are recruiting teams of financial experts, to fend off any potential consequences of the UK crashing out of the European Union.
Financial services across London are paying compliance experts higher salaries and day rates, compared to last year. This increase represents the work going into preparing for any regulatory changes caused by Brexit.
During an annual report into salaries in the Square Mile, London, Randstad found strong wage growth in compliance, audit and risk roles, implying businesses are putting together contingency plans. This may end up being a worthwhile investment if the government fail to achieve a deal with the European Union, protecting the City. It was reported that salaries within these sectors had increased by £5,000 – £10,000 since this time last year, with contractors being paid between £50 – £100 more a day.
It’s likely the rises come as businesses prepare for the changes in the European Union legislation and plan for March 2019 when the UK leaves the EU.
Other significant findings from the report:
● 55% of Britons expect a pay rise this year
● 37% expect a cash bonus
● women’s pay up by 12% compared to 10% for men
● majority of workers open to leaving their role
● two thirds (65%) think their employer would perform better in 2018 than in 2017
Adam Thorpe, operations director of Randstad Financial Services, said:
“Financial services are a key driver of the UK economy and employs more than two million people across the UK so it’s important the government bats hard for the sector to make the post-Brexit transition as smooth as possible.
“Until a deal becomes clear, roles from control room analysts to head of central compliance will be in demand and command higher pay as companies build teams of experts in order to be Brexit-proof.
“Impending regulatory changes by European banking authorities have also pushed up wages in areas like risk making clear that while the UK voted to leave the EU almost two years ago it is still bound by its rules and regulations.”