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Trust Parasol, the best umbrella company for finance and banking sector supportWorking through an umbrella company as a finance or banking contractor in the UK has many advantages compared to being a standard PAYE employee. Parasol’s umbrella employment solution for banking and finance contractors eases the transition to contracting.

Why banking and finance contractors join an umbrella company

As you read on about the benefits of umbrella companies below, it’s important to remember that contracting for banking and financial services is a good career move. Given the constant instability of markets (globally, in Europe and in the UK), firms want quick-fix, competent solutions.

Why does it pay off for a contractor in the banking and financial sector to work through a leading umbrella company like Parasol?

You can still be an employee as you start a new working style

Umbrella company employment is like dipping your toes in the contractor water. You get many of the perks as an employee whilst adding new perks like claiming business costs and expenses. And through a fully compliant umbrella company like Parasol, you don’t have to take on more paperwork or fuss with HMRC obligations – we’ll get that sorted for you.

Having said that, you’re moving to contracting in the first place for many good reasons. And as a contractor, you’ll get the best of both worlds when you tack on the following add-ons…

You’ll be able to claim on a range of business costs and expenses

Claiming on business costs and expenses will help you maximise your income, but figuring out what you can and can’t claim or be reimbursed isn’t always easy. When you are employed through Parasol, our experts guide you through legitimate business cost and expense claims.

Remember: this is a perk you won’t get as a permanent employee. And to help you understand the full scope of expenses and business costs you can claim, read our handy guide  or simply give us a call.

You can take advantage of a more flexible way of working

One particular reason is because public and private sector bodies have come to rely on the capabilities of freelance workers. Research confirms that contracting has become the smarter way to work in banking and finance. Michael Page’s Global report on contractors reveals that Banking & Financial Services make up 13% of all contract/temp personnel worldwide. Other studies by UK advocacy groups and government bodies (such as APSCo and the ONS) indicate that contracting is a growth field.

Don’t take our word for it: take the word of IPSE CEO Chris Bryce, who recently said in an article by

“Large firms and, increasingly, small enterprises are tapping into this growing pool of independent workers who are available on demand, with the specialist skills to hit the ground running. There are few signs of the growth in freelancing slowing down any time soon.”

All evidence suggests that now is the time to make the move.

You can take home more money

We thought this one might catch your attention. Today’s finance specialists have access to better earning power with an umbrella company than they would as a permanent worker.

Using CWJobs’ salary search tool, a search on the keyword “finance” shows contract salaries in the sector average £91,182, whilst permanent salaries contrast at just £52,500[1]. The exact same search on the keyword “banking” shows a similar difference: a £101,618 average for contractors, compared to just £57,500 for permanent[2].

How much could a move to contracting net you in take home pay? Try out our official finance contractor calculator to find out.

[1] Figures drawn from a search conducted 4th August 2016.

[2] Figures drawn from a search conducted 4th August 2016.

Why you can trust us


Having been established by a contractor, we have a unique insight into the way contractors work and what they need from us. With hundreds of expert head office staff, we are obsessive about excellent support and focused on ensuring you always get paid on time and in full. And with over 15 years in the industry, we know legislation and compliance issues inside out.

But you don’t have to take our word for it. We partner with over 2,500 recruitment agencies, including leading companies like Hays, Capita Venn and Reed, all of whom trust us implicitly with the contractors they refer to us. We also have a long list of accolades and awards, including ISO9001, Sunday Times Fast Track 250 and 100, and Best Companies Awards.

It’s quick and easy to join Parasol. Just contact our best advice team or call 0800 458 0818