Brexit hangs over almost every aspect of British life from food prices and borders to jobs and salaries. It particularly impacts the financial services sector, which remains the powerhouse of the UK economy and is why - as the government negotiated in Brussels during 2017 - banks and finance companies in London and the rest of the UK held their breath.
As it stands still little is known about what a Brexit deal will look like but one thing is certain: financial services is a resilient sector and remains the UK’s biggest source of export and tax revenues. Financial services are paying compliance experts higher salaries and bumper day rates as they prepare for any regulatory changes caused by Brexit.
As Adam Thorpe, operations director of Randstad Financial Services, explains: “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.”
Financial services contributed £124.2 billion in gross value added (GVA) to the UK economy in 2016, 7.2% of the UK’s total GVA, and employed more than one million workers - 3.1% of all jobs in the UK. Randstad’s report ‘paying attention’ which looks into salaries in the Square Mile has found strong wage growth in compliance, audit and risk suggesting contingency plans are in place should the government fail to achieve a deal with the EU that protects the City.
Salaries in these areas had increased by £5,000-£10,000 since last year while contractors were being paid between £50 and £100 more a day.The rises come as companies get to grips with changing European Union legislation and potential changes after March 2019 when the UK leaves the union.
Randstad’s ‘paying attention’ report also showed that:
- 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
How do salaries look for other sectors such as investment banking and compliance in H2?
Roles by: minimum range, mid range, maximum range.
Accountancy and finance permanent and temporary roles include
Project Management
£40,000 - £50,000
£50,000 - £90,000
£90,000 - £150,000
Regulatory Reporting
£35,000 - £50,000
£50,000 - £80,000
£80,000 - £120,000
Taxation
£40,000 - £50,000
£50,000 - £90,000
£90,000 - £200,000
Operations: investment banking permanent and temporary roles include:
Cash Management/Liquidity
£35,000 - £45,000
£45,000 - £60,000
£60,000 - £110,000
Client Services
£35,000 - £50,000
£50,000 - £65,000
£65,000 - £110,000
Client Money
£40,000 - £50,000
£50,000 - £70,000
£70,000 - £120,000
Cash Management/Liquidity
£180 - £210
£210 - £250
£250 - £280
Client Services
£180 - £220
£220 - £250
£250 - £300
Client Money
£200 - £230
£230 - £260
£260 - £300
Change management permanent and temporary roles include:
Programme Management
(Investment Banking/Investment Management)
£80,000 - £100,000
£100,000 - £140,000
£140,000 - £170,000
Project Manager
(Investment Banking/Investment Management)
£50,000 - £75,000
£75,000 - £90,000
£90,000 - £110,000
Business Analyst
(Investment Banking/Investment Management)
£35,000 - £55,000
£55,000 - £70,000
£70,000 - £95,000
Programme Management
(Investment Banking/Management, Operations & Finance)
£700 - £800
£800 - £900
£900 - £1,200
Project Manager
(Investment Banking/Management, Operations & Finance)
£500 - £600
£600 - £800
£800 - £900
Business Analyst
(Investment Banking/Management, Operations & Finance)
£450 - £550
£550 - £600
£600 - £750
Compliance permanent and temporary roles include:
Regional Head of Compliance
£155,000 - £175,000
£175,000 - £195,000
£195,000 - £250,000
Head of Group Compliance
£135,000 - £155,000
£155,000 - £175,000
£175,000 - £200,000
Regional Head of Compliance
£1,450 - £1,500
£1,500 - £1,600
£1,600 - £1,650
Head of Group Compliance
£1,200 - £1,250
£1,250 - £1,300
£1,300 - £1,350
Financial crime permanent and temporary roles include:
Head of Financial Crime: EMEA
£135,000 - £155,000
£155,000 - £170,000
£170,000 - £200,000
Head of Financial Crime: EMEA
£600 - £650
£650 - £700
£700 - £750
If your sector or salary isn’t here please see our full report:
