Overview
At 8%, the salary achieved by compliance staff accepting new positions has trended lower during the course of the last 18 months and is now at a historical low. Salaries in investment banking, the sector that has historically driven salary increases, are a notable casualty.
However, even in the current market, for specialist positions, good salary increases can still be achieved, particularly by those moving from secure employment. They wish to be compensated for the risk they perceive to be taking, particularly in relation to the loss of their existing bonus entitlements.
It is clear, however, that as compliance managers weigh up potential opportunities, security of employment is currently their principal concern. Only then, will salary considerations be addressed.
Salary Survey
Barclay Simpson analyses the salary data that accumulates from the placements we make in the UK. This provides a useful guide to salaries and salary trends for compliance professionals.
To give as accurate a picture as possible, we have taken a range of different compliance profiles and provided an approximate salary range that they could realistically expect to earn. The profiles are for good rather than exceptional individuals and take no account of other benefits in addition to salary that normally accrue to compliance professionals, such as bonuses, profit sharing arrangements or pension benefits. The ranges indicate London salaries, which are generally 10-15% higher than provincial salaries.
Institutional Asset Management
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Salary |
Guideline Monitoring Analyst
A specialist role working for one of the world’s leading fund managers. Would suit an established Portfolio Compliance professional with strong fixed income product knowledge and ideally an understanding of the Latent Zero or Charles River systems |
£40-50,000 |
Private Client / Retail (including Wealth Management and Private Banking)
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Salary |
Compliance Officer – Private Banking
Role within well established UK private bank for a versatile compliance professional, ideally with an understanding of core banking, insurance and life products to add value to a growing team. The position will involve a blend of policy, monitoring and financial promotions duties. |
£30-35,000 |
Compliance Monitoring Associate – Wealth Management
Role within Wealth Management arm of major European Financial Services group. Would suit an established monitoring professional, ideally with an understanding of the COB sourcebooks, TCF and the AML / KYC process. |
£40-45,000 |
Investment Banking
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Salary |
KYC Officer
Working in a large team of KYC professionals for a global investment bank. Duties will include conducting KYC checks and reporting any alerts to management. |
£30-40,000 |
Compliance Executive
Working in a team of circa 8 compliance staff, reporting into a senior compliance manager and providing generic compliance duties including AML, monitoring and financial promotions. Must be a graduate. |
£40-55,000 |
Senior Compliance Executive - Commodities
An accomplished compliance professional with a strong knowledge of commodities and the regulatory environment for commodities. Must have experience of managing a small team and working knowledge of how a medium sized European investment bank operates. |
£80-100,000 |
Head of AML, EMEA and Investment Banking Division
Responsible for EMEA AML and driving consistent standards for AML related issues across the region. Managing a team of 6 and a virtual team of over 20. Key areas of oversight include EMEA policies and procedures, suspicious activity monitoring and investigations, education and awareness, account opening and refresh, senior management reporting. |
£100-120,000 |
Head of Compliance and MLRO
Working in a small to medium sized investment house as registered CF10 and CF11 and managing a team of up to 10 compliance staff. Duties will include managing the relationship with the FSA, influencing at senior level within the business and developing a proactive compliance culture. |
£110-125,000 |
Retail Banking
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Salary |
Compliance Assistant
A graduate with strong academics in their first role providing administrative support to a small compliance department and assisting with basic compliance duties. |
£22-27,000 |
Financial Promotions Officer
Graduate working in a small team in a large retail bank, reviewing financial promotions literature and sales advice. Previous compliance experience and working knowledge of retail banking essential. |
£30-40,000 |
Compliance Monitoring Manager
Working in a team of six monitoring managers conducting risk based monitoring across the business, reporting findings to management and suggesting ways to mitigate regulatory risk. |
£50-70,000 |
Head of Compliance and MLRO
CF10 and CF11, stand alone position for a small to medium sized retail bank providing regulatory / AML advice and guidance to the business. Managing the relationship with the FSA and providing regulatory and AML training to the business. |
£60-80,000 |
Senior Manager, Regulatory Risk
Working in the Group function of a global retail bank providing regulatory oversight and assurance to the business that compliance objectives are being met globally and across all divisions of the Group. |
£90-105,000 |
General Insurance
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Salary |
Compliance Consultant
Role within a regional insurance, employee benefits and pensions provider, for a compliance professional with a good understanding of the TCF/ Complaints handling process as well as financial promotions guidelines to work exclusively with their general insurance arm. |
£25-30,000 |
Senior Compliance Manager
An established compliance professional, ideally with experience of implementing and maintaining TCF structures is preferred. Must have a thorough understanding of ICOB sourcebooks and have trained and developed staff. Experience of working with risk and audit committees is preferred. |
£50-60,000 |
Lloyd’s Insurance Market
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Salary |
Compliance Assistant
New team member for growing compliance and corporate governance division within leading global managing agency. Will ideally have prior compliance experience from Lloyd’s market, though could come from a general insurance background. |
£25-30,000 |
Head of Compliance
Head of Compliance role for an established syndicate covering multiple lines. The position involves embedding and maintaining an effective regulatory structure for the business. An understanding of the impact and implications of Solvency II as well as prior work on ICAS legislation is essential. |
£80-100,000 |
Life and Pensions
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Salary |
Group Compliance Manager
A role working within the group’s specialist compliance division and providing advice to senior management and the board on the impact of core regulatory provisions affecting the industry. You will also assist in the maintenance of a robust regulatory risk structure for the business. |
£40-50,000 |
Head of Governance
Accomplished compliance professional to work within Life and Pensions division of major European Financial Services group. The role involves galvanizing their existing compliance monitoring and policy divisions. The main remit will focus on the development of TCF understanding and culture throughout the business. |
£70-80,000 |
Other sections
To view further sections of this report, please visit:
- Executive summary
- Compliance – market analysis
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