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Compliance is king, says salary survey
Chris Hamblin
11 June 2019
The firm compiled its report using data it had gathered in the United Kingdom between January and December last year from job listings, job offers and "candidate registrations," whatever those are. Its research shows in general that most permanent and temporary salaries in financial services have remained reasonably static but some areas are reporting an upsurge in salaries and day rates. Punishment is the spur From control room analysts (permanent £50-£60,000 and temporary £300-£350 a day, both maximum range) to heads of central compliance (permanent £110-155K and temporary £750-£800 a day maximum range), firms are paying workers in this crucial area more, hoping to entice the best talent. According to Randstad, "the risk of rising fines being imposed" is the spur. The soporific effect of Brexit Contractors' rates remain flat year on year because many of Randstad's clients are waiting to see the form that Brexit is going to take. Randstad has also detected "a lack of active regulatory driven projects," an incoherent phrase that might indicate that it knows of no new mega-regulations that are sweeping across the industry at present. It also uses the phrase "strategic driven," although it is impossible to guess what it means in that case. Permanent salaries have remained relatively stable in the compliance departments of investment banks, with an increase in the 'minimum range' (an unexplained phrase) salaries in change management, asset servicing and securities settlements. In 2018 there was a reported increase in low, medium and high salaries being offered for "head of UK compliance" jobs and "head of core central compliance" roles. Permanent jobs and their price-tags For a typical regional head of compliance, if such a person can be imagined to exist, the figures are as follows. Minimum range per annum: £180-280K. Mid-range: £280-350K. Maximum range: £350-400K. The other categories are as follows. Temporary jobs and their price-tags Prices per day are as follows. Financial crime officers: permanent Not far behind compliance come the wages of financial crime executive and workers. These are as follows for permanent positions. Financial crime officers: temporary Temporary rates per day are as follows.
One such area of wage growth is compliance, which has seen rises in pay and demand in all jobs at all levels. In 2018 companies paid even more attention than before to laws, rules and regulations as the country prepared to leave the European Union and go its own way.
In this time of change, jobs associated with compliance are also in demand. Auditors, for example, continue to command some of the highest salaries in finance, earning as much as £175,000 per annum in permanent jobs or £700 a day.