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Interim Market Report 2011 - Compliance Salaries

Salary increases achieved by compliance professionals changing employers rose from 21% in the last six months of 2010 to a record high of 22% in the first six months of 2011. Part of this, as we explained at the beginning of 2011, can be explained by the rebalancing of total compensation packages away from bonuses and towards fixed salaries. However, even after allowing for this, given that real earnings in the economy are currently falling, a 22% rise could be construed as quite an achievement. Salaries are clearly responding to the acute shortages of appropriately skilled compliance specialists. The current average increase also reflects that companies are only recruiting and are willing to pay for those candidates who very closely match their requirements.

The consequences of bringing forward an unprecedented number of new directives and other regulatory requirements may have been something regulators should have considered. In the present market, good candidates are receiving multiple offers and counter offers from existing employers have become a regular feature. Some companies have even been prepared to buy out bonuses.

Whilst these salary increases have been achieved by changing employer, like employees in much of the rest of the economy, annual salary increases achieved by the majority of compliance professionals have been rather more modest. In many instances base salaries have simply matched inflation which in an environment where real earnings are falling is hardly surprising. It does however further explain the relatively high number of candidates that are entering the recruitment market. There is little doubt that many sectors of the financial services industry and individual companies within it are tightly controlling their costs. Whilst the current dynamics of the recruitment market are promoting salaries there is little danger of a demand led inflationary spiral. Confidence in the financial services industry and the wider economy is just not strong enough. The current average increase is likely to mark a high point in the current recruitment cycle.

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 earn. The profiles are for good rather than exceptional individuals and take no account of other benefits in addition to the salary that usually 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.

Investment Banking

Deputy Head of Compliance
A critical recruit of a medium sized European Investment Bank to provide regulatory support for its developing business requirements within wholesale markets. Applicants will have a strong understanding of current European regulatory, AML and international issues in investment banking, broker dealing or similar. The compliance department consists of 15 staff and the job holder will have 2 direct reports.
£100,000-£120,000
VP– European Compliance Department
Working for a Global Investment Bank as an experienced regulatory compliance advisor to join their European Regulatory Advisory Division and provide support for its existing and developing business requirements within wholesale markets. No direct reports.
£80,000-£95,000
MLRO
This is a strategic role in a European Investment Bank for an MLRO to manage a team of 8 AML and KYC professionals. The job holder will have be a subject matter expert on AML, with a proven track record, covering aspects such as dealing with cross border issues, international screening/sanctions requirements (including US OFAC requirements) and regulatory change within global jurisdictions.
£100,000-£125,000
Senior Control Room Compliance Officer
A key member of the control room team in a top tier investment bank, with strong control room experience, especially dealing with market abuse issues, managing conflicts of interest, PA Dealing and Chinese Walls demonstrating leadership skills and an ability to manage at least one member of staff. The individual will be able to practically apply his/her knowledge and liaise effectively with stock exchanges and regulators when required.

£80,000-£100,000

Compliance Assistant
Graduate working in busy compliance department in a large investment bank carrying out administration compliance duties, Approved Persons registrations, managing FSA logs and supporting senior compliance staff.
C.£30,000
Head of Monitoring
Heading up the monitoring department of a mid-sized investment bank. Strong monitoring and managing experience and familiarity with corporate and investment banking activities including fixed income and credit trading, new issues, research, metals and energy trading, trade financing, lending, advisory services, wealth management.
£80,000-£95,000


Retail Banking

Compliance Officer - CF10 and CF11
Working in a 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. No direct reports.
£70,000-£80,000
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 for retail banking and the ability to advise the business in a commercial and result-orientated capacity. Is likely to have business qualifications to complement experience.
£50,000-£60,000
Conduct Risk Manager
A key hire within a leading retail banking group which requires knowledge of TCF regulations within the industry. The candidate would monitor key risks, issues and activities ensuring that appropriate actions are being undertaken and pro-actively formulate oversight plans to continuously raise standards of risk management. As a senior member of the team some mentoring would be necessary but the role doesn’t have day to day management responsibility.
£50,000-£70,000
Group AML Manager
A high profile, business facing role within a powerhouse of the retail banking market, requiring wide-ranging AML experience. The role will have exposure to all aspects of AML, Terrorist Financing, Sanctions and Anti Bribery & Corruption. Due to the post holder being in contact with a wide range of stakeholders, excellent influencing skills and the ability to manage relationships at all levels are vital.

£40,000-£60,000

Regulatory Manager
A member of a large team in a global retail bank, developing and delivering regulatory risk management strategies and initiatives within the Business & Commercial Business Unit by identifying and addressing all relevant regulatory risks.  The job holder will have an understanding of the operational, legal and regulatory environments at UK and EU level, identifying challenges for and the opportunities to impact on the management of regulatory risk.
£60,000-£80,000.
Compliance Assistant
Graduate calibre working in a small retail 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 the banks marketing to ensure compliance.
£30,000 - £40,000
Head of Governance
Within a blue chip retail bank acting in a senior capacity to ensure there is an effective and robust governance policy and procedure framework to protect the business and fulfil regulatory and corporate governance obligations. This covers both existing, new and potential business streams and locations, management of a department and attendance at key board meetings and participation in group compliance/risk committees.
£90,000-£100,000


Asset/Wealth Management

Head of Compliance Advisory
Leading Business Advisory Compliance professional who will develop and lead a small team focussing on intermediaries and international wealth management business streams. With a background in private client compliance covering a variety of jurisdictions, the candidate will have a front line role providing support to the business. Professionally qualified with strong stakeholder management skills.
£75,000-£85,000
VP Compliance
Compliance professional at VP level working within a leading global institutional asset manager, responsibilities for mentoring and training staff, advising on new product development and ensuring that the business is aware of the impact of regulatory changes and are provided with up to date and prompt regulatory advice. Knowledge of asset management products and services gained within a competitive business and the ability to build rapport with front office staff is essential.
£80,000-£100,000
Compliance Director
Graduate, holds CF10 for a mid-sized international wealth and asset management company. Manages team of 5 in compliance, reporting to the CEO, strong background in investment banking compliance and good product knowledge. Oversight of all compliance activities.
£100,000-£120,000
Head of Compliance - Stockbroking
An experienced compliance professional with an excellent understanding of the financial services industry, (especially stockbroking) to ensure the firms FSA compliance. Stand alone position in a small / medium sized firm.
To £100,000
Senior Compliance Adviser
An important hire for a leading global provider of consulting, outsourcing and investment where a strong knowledge of EU Mutual funds and securities regulations is a must. The purpose of the position is to assess the adequacy of the compliance programmes of investment sub advisers and operational service providers hired by the organisations’ investment management businesses in EMEA. The position works closely with the Chief Compliance Officer for EMEA and the Deputy Compliance Officer for the US operations.
£60,000-£ 80,000
Compliance Associate
Compliance Associate within boutique hedge fund, managing emerging market equities, reporting to Head of Legal/CF10. Role manages one assistant and is responsible for all day to day compliance activities, oversight of monitoring, developing policies advising the business on existing and emerging regulatory matters, assisting at board meetings as assistant to the Company Secretary.
£60,000-£75,000
Portfolio Monitoring Associate
Holding a key role in the business operations compliance/portfolio monitoring team within a market leading asset management company. Candidate will have prior relevant experience of Charles River / Sentinel and will know how to check portfolios daily. Product knowledge is beneficial, such as fixed income new product set up. The role will develop and monitor compliance with investment guidelines, coding and setting up of the compliance rules for new accounts and then supporting the business throughout the trading process.
£40,000-£60,000


Insurance

Compliance Business Partner
A strategically vital hire for this global insurance broker. This position reports into the Director of Risk & Compliance and has the day to day compliance responsibility for one of its largest business units. This position will be the primary point of contact on regulatory issues and challenges for the business area to which they are assigned and contribute to the strategy and direction of compliance to ensure an effective function across the business. Extensive relevant industry experience will be necessary.>
£80,000-£100,000
Compliance Monitoring Manager
Mid level member of the compliance monitoring team for this large global insurance broker. Although London based, the candidate will undertake regular compliance monitoring visits throughout the UK, as well as undertaking desk based monitoring. The post-holder will be responsible for ensuring the client meets business, legal and regulatory requirements. The team is 4 strong and reports to the Head of Compliance Monitoring. Previous experience of working in a predominantly monitoring role within the insurance industry is essential.
£30,000-£50,000
Compliance Manager
Compliance manger for a general insurance company in the UK, requiring extensive regulatory and compliance experience within the insurance industry. The candidate will be responsible for creating and implementing the compliance framework across EMEA and will liaise with all relevant industry bodies. Working closely with the Head of Legal, this will initially be a stand alone role with the idea being to grow a compliance team over time. The ability to work closely with the business and come up with workable solutions is imperative and will shape the future of the business.
£60,000-£80,000
Compliance Officer
This is a hands on and important hire for a London market insurer which requires a background from either an insurer or an underwriter, and the ability to manage stakeholder relationships from across a large business. This involves, advising, troubleshooting, and monitoring all facets of compliance and ideally requires someone who has a background as an approved person from a relevant company. The position reports into the Director of Risk & Compliance and has a number of direct reports.
£70,000-£80,000
Compliance Manager
To manage compliance risk, assist in managing the relationship with the regulator, promote best practice, monitor and develop procedures monitoring regulatory developments and report to senior management, strong knowledge of general and Lloyds market insurance.
£50,000-£70,000
Senior Financial Crime Manager
The role supports the Head of Financial Crime and helps ensure effective systems and controls are put in place to detect and prevent financial crime across the Group. The role will also take on development, implementation and oversight of Group policy and standards in financial crime and be a point of contact for business units. Strong technical knowledge of financial crime regulatory developments and existing legislation is essential.
£55,000-£75,000

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