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CBI/PwC: Financial services creates 10,000 jobs in Q3

Report also predicts another 2,000 jobs to be created in Q4.

Around 10,000 new jobs were created in the financial services sector between July and September, according to the Confederation of British Industry and PricewaterhouseCoopers.

The survey of 99 financial services firms predicts a further 2,000 new jobs in the last three months of the year, bringing the total number of financial services jobs to 1.14 million by the end of the year.

The research also found that business volumes in the banking sector fell unexpectedly after two quarters of growth.

Business volumes for investment management were broadly flat in the three months to September, ending a run of growth that lasted a year.

Building societies, life insurers and general insurers all saw an increase in business volumes over the same period.

Overall total operating costs edged up marginally in Q3, which the CBI and PwC had expected to decline.

The report also found income from fees, commissions and premiums fell back during the three months to September with income from net interest, investment and trading rising slightly.

CBI director of economics Stephen Gifford says: “With optimism rising and jobs and profitability growing, this is an encouraging quarter for the financial services sector, despite a fall in business volumes in banking.

“Financial services companies are less worried than they were about a potential lack of demand, but dealing with regulation is increasingly weighing on plans for business expansion.”

Evolve Financial Planning director Jason Witcombe says: “People are generally pretty positive at the moment and when that happens the numbers usually follow. It does not feel like we are in a doom and gloom scenario right now.”



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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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