Overview
The average salary increase secured by compliance managers accepting new positions in the second half of 2008 was 11%, against a more usual 21% in the first six months. 11% represents the lowest increase since Barclay Simpson started publishing data. Compared to 2006, when companies often had to offer salaries over and above a pre-approved range in order to secure a good candidate, companies in 2008 were able to take control of their costs and comfortably recruit within their budget.
As the number of “immediately available” candidates grew throughout the year, expectations became easier to manage. Candidates from investment banking or retail financial services became increasingly flexible about their financial demands. Many were pleased to move for the same salary or even to take a small drop to get back into work. Against that, those who were under no pressure to move wished to be fully compensated for the perceived risk of changing employer.
It was clear that many companies were interested in benchmarking their salaries during 2008 and did not want to overpay when compared to their competitors. Equally, however, compliance remains well paid and companies still want to make offers that will ensure recruits are suitably motivated.
Bonus levels are likely to be significantly lower for 2008 and, consequently, many companies no longer feel the pressure to offer guaranteed or sign on bonuses in order to hire their preferred candidate.
Outlook for 2009
Salary increases are likely to be subdued in 2009 and, given the economic backdrop, many compliance professionals will be pleased to get through 2009 with a secure job. Discretionary bonuses, particularly those related to corporate performance, will fall. The economy has entered territory that it has not been in for 15 years.
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.
Asset / Wealth Management
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Salary |
Compliance Analyst
Postgraduate in Law with experience of working as a compliance analyst in an international asset management company covering daily monitoring of investment restrictions, AML transactions, assisting with the delivery of training and interacting with fund managers, auditors and custodians. Previous experience in a legal role within a bank. |
£34,000 |
Investment Compliance Monitoring Associate
Graduate and SII Compliance Diploma qualified. Member of a small team of investment compliance specialists, focussed on daily monitoring and thematic reviews and covering the company’s UK investment compliance monitoring programme within a complex, international investment business. The role involves both advisory work as well as monitoring. Previous experience in investment compliance within a well known organisation. |
£45-55,000 |
Compliance Manager
Providing front line compliance advice and support as a member of a small team that focuses on compliance issues for the UK arm of a global wealth management business. The jobholder also ensures that a suitable level of compliance is maintained to cover existing and forthcoming policies and to keep the business appraised of regulatory developments. |
£57-65,000 |
Senior Compliance Manager
IMC qualified, institutional investment management professional working in a standalone role interacting directly with fund managers and covering all compliance activities for a medium sized business. Reporting to the Board and Head of Group Compliance. |
£75-85,000 |
Head of Compliance and MLRO
Graduate and qualified accountant in a CF10 and CF11 registered role, managing a large team of compliance monitoring and advisory staff within a diverse asset management business. Direct interaction with the FSA, Board and input on compliance strategy for the business. |
£110-140,000 |
Investment Banking
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Salary |
Compliance Assistant
Preferably a graduate with experience of working within the financial services industry and a basic background in compliance regulation. Responsibility for the regulatory administration and the provision of support for a small compliance department. |
£25-35,000 |
Controls and Compliance Manager
Part of a small Banking Group team responsible for developing, implementing, monitoring and reporting upon compliance and controls policies and procedures. Good all round knowledge of all areas of compliance, i.e. FSA rules relating to banks, money laundering regulations, requirements of Data Protection Act, Consumer Credit Act. Developmental opportunity. |
£50,000 |
Assistant Vice President, Compliance Advisory
Compliance advisor to business lines in a large firm, providing transactional advice and regulatory guidance, especially for EMEA. Degree educated, relevant compliance qualification preferred. Experience of advising banking business lines on regulatory issues and good knowledge of wholesale banking. |
£50-60,000 |
Compliance Manager – Capital Markets
Working for a sizeable European bank with a 15 strong compliance team. Responsible for heading up the Capital Markets division with a strong Investment Banking background and proven success of dealing with front office. |
£80-90,000 |
Head of Compliance and MLRO
CF10 / CF11 for a leading European investment bank managing a team of circa 12 compliance staff and responsible for the oversight of financial regulation, regulatory compliance and anti-money laundering activities. |
£110,000+ |
Retail Financial Services
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Salary |
Compliance Assistant
A graduate calibre candidate with a solid foundation of compliance knowledge within either a general insurance or life & pensions environment. Will be working closely with other more senior team members to ensure compliance requirements are implemented and regulated correctly, Strong academic background with good A-Levels and at the beginning stages of a professional qualification, such as CeMAP. |
£28-30,000 |
Compliance Officer
A strong technical all rounder with a good understanding of FSA regulation and competence in both a monitoring and policy capacity. As a highly visible member of the team, often required to monitor regulated activity and liaise with senior internal staff, both with compliance and the business. |
£35-45,000 |
Compliance Manager
A proven manager with a track record of delivering compliance solutions to a medium sized client base, possibly on a multi-site basis. Will have a complete understanding of relevant regulation and the ability to advise the business in a commercial and result-orientated capacity. Is likely to have business qualifications to complement experience. |
£50-60,000 |
Compliance Director
As the head of a medium to large sized compliance team, this person will be working at either board or senior director level within the business. This is more than likely at divisional or group level and no doubt they will have impact on group compliance policy and business strategy. |
£75,000+ |
Head of Financial Crime & MLRO
An AML, financial crime, sanctions & fraud expert with a strong industry background and / or a proven investigative pedigree. Likely to have managed a team of specialists and have the ability to influence at a senior level and the confidence to “push back” at manager and / or board level. Will often still need to be hands on, but will also be required to form both strong internal and external relationships. |
£80,000+ |
Retail Banking
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Salary |
Compliance Assistant
A graduate calibre individual working in a small to medium sized bank providing analytical support for a full range of responsibilities including FSA compliance, the initial contact for all account opening referrals, complaint handling and review of bank’s marketing to ensure compliance. |
£30-40,000 |
Compliance Manager
A generalist role, often a “number 2” to the Head of Compliance, ensuring that all products and procedures fully meet UK regulatory requirements. Operating close to the business and advising on general regulation issues such as complaints handling, anti money laundering controls, data protection, training & competency and financial promotions. |
£45-55,000 |
International Compliance Manager
A senior and regulatory focused position, assisting the Head of International in the management of the compliance function in its international offices. To provide Area and Local Compliance Officers with the necessary advice, expertise and guidance to ensure that business is conducted in accordance with all applicable laws, rules, regulations and codes of practice as well as with established group standards. |
£50-65,000 |
CF10 and CF11
As part of a small or stand-alone team, this position will be within a very small retail bank with few UK branches. Acting as the central point of contact for the UK operations on all regulatory and money laundering issues and the interface between the bank and FSA. |
£50-70,000 |
MLRO / CF11
Experienced AML expert working in a medium/large retail bank covering all aspects of AML company-wide and managing a medium sized team. Required to assess the bank’s exposure to internal and external fraud and ensuring procedures are adequate to protect the business. |
£90,000+ | |
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