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Latest figures show that pay for financial services professionals is on the up due to a decline in job applications within the sector.

The Association of Professional Staffing Companies (APSCo) research, using data provided by Broadbean, revealed that the number of people applying for jobs in the financial services sector is down by a third year-on-year.

With the gap between supply and demand worsening, pay within the sector has risen by 6.5% over the last year.

Ann Swain, CEO of APSCo, commented on the findings, “The data suggests that the Financial Services sector is facing a growing decline in skills availability.

“While we saw a fall in vacancy numbers during the latter half of 2022 as economic uncertainty influenced business confidence, application numbers fell at a far greater rate.”

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Ann added, “We saw in the period following the Financial Crash of 2008 that failure to invest in skills development, attraction and retention when markets are struggling can have a longer-term detrimental impact on recovery.

“It’s crucial that the sector doesn’t fall into this trap again, particularly given the news that a recession has been avoided in the UK. The increase in salaries is certainly an indicator that employers are investing in attracting skills, but pay alone isn’t a sustainable route to building skills.

“The country is in critical need of a strong skills strategy to help it become a hub for financial businesses and talent.”

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