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Bank refunds: Upward pressure being placed on financial sector salaries

People seeking out bank refunds may be despondent to hear that people working in the financial sector may soon have their salaries increased.

Lynne Hardman, managing director of professional services at Badenoch & Clark, revealed that there has been an increase in recruitment for banking, accounting and financial services.

She said: "Increased levels of regulation and compliance are clearly applying upward pressure to both the number of vacancies and salaries within the financial sector as a whole."

Research by Powerchex revealed that the number of confirmed job offers within financial services increased by 16 per cent last month.

Ms Hardman's comments come as research by uSwitch found that 56 per cent of workers are expecting a pay freeze this year.

Of those who are expecting a pay increase, three quarters expect their salary to increase below the rate of inflation.

Ann Robinson, director of consumer policy at the firm, explained that the cost of living is now outstripping pay and that consumer confidence is plummeting.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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