Professionals providing compliance advice to insurers expect salary bump after Solvency II
Compliance professionals are getting a pay rise next year on the back of new EU regulation, according to research seen exclusively by CityAM
According to the Robert Half salary guide 2017, these will be the financial services professionals getting some of the biggest pay increases next year.
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The introduction of Solvency II – which harmonised EU insurance regulation – has changed how European insurers operate, and has sparked a lot of M&A activity in the market. As a result, insurance professionals that can help businesses with their compliance are in demand.
The average salary for senior operational risk managers is set to go up by 11.7 per cent. The average salary for an operational risk manager is expected to rise nine per cent.
There are also going to be big salary rises for the chief financial officers of large companies, with the average pay package increasing by 6.8 per cent. The average salaries for financial planners and project accountants will rise by 5.8 per cent and 4.9 per cent respectively.
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In tech, the highest salary rises will be reserved for developers and mobile app developers, with average pay for these roles set to be boosted by 4.5 per cent and 4.3 per cent respectively.
Overall in London, average starting salaries in professional services are set to rise by 1.9 per cent in 2017.
Matt Weston, London director, Robert Half UK, said: "Companies based in the capital are having to navigate a rapidly changing and uncertain business environment, which places additional demands on a hiring market that is already adapting to increased regulation.
"Competition for the best people is intensifying and as this year's guide demonstrates, salaries for hard to fill roles continue to rise and outpace the average salary by a significant margin."