The latest CBI and PwC financial services survey shows that the Financial Services industry has had a large increase in confidence over the last quarter.
The Financial Services Industry has experienced a dramatic increase in confidence over the last quarter according to the latest Confederation of British Industry and PwC financial services survey. Life insurers and investment managers are said to be showing “particularly bullish” improvements, a sentiment mirrored across every sub-sector of the market, according to the poll.
The report suggests that such confidence has provoked higher employment figures within the industry as a result. Calmer financial markets, more positive economic forecasts and a surge in business activity are said to be responsible for breathing confidence into the industry. An increase in spending has also been attributed to regulation and greater customer demand especially within the life insurance sector.
According to Price Waterhouse Coopers, “The life companies are planning to add staff and invest more capital as they plan their responses to the introduction of the retail distribution review.”
“Employment numbers within the Financial Services had been predicted to tumble during the first quarter of 2012, but in fact the overall headcount has grown and is forecasted to continue rising in most sectors.”
In particular, the Banking and Insurance sectors have experienced notable growth in employment over the last quarter. This news comes despite the concern of securities traders who worry about their level of exposure to volatility in the markets.
This added confidence could not come at a better time as other industries still suffer the repercussions of the European debt crisis.