by Susan Edmunds
Its latest Global Salary Survey has found that banking professionals’ salaries will increase by 5.6% this year compared to 2013, higher than the average 3.5% expected across all professions.
Associate director of professional services Shay Peters said the advent of the Anti-Money Laundering Act and the Financial Markets Conduct Act would mean that finance firms would seek out people who could help them remain complaint.
He said it was a trend that became evident last year and would continue.
“We anticipate that with a growing reputation for offering value for money, professionals with two to seven years of experience will remain in high demand. Securing individuals at this level will be increasingly difficult as competition for their skill set grows. Salaries on the whole will rise with inflation, but professionals with in-demand skills can expect greater increments.”
Big banks had hired a number of people to ensure they could adhere to the AML rules, he said. “The [Financial Markets Conduct Act] is on everyone’s mind at the moment.”
He said compliance staff were being snapped up across the public and private sectors, and for permanent and temporary contracts.
He said his firm had not noticed any increase in demand for financial advisers, from banks or independent firms.
Peters expected a positive year for the financial services sector. “Confidence is coming back,” he said.
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