Having drawn data evenly from all over the UK's financial services, Randstad has published the results of its compliance salary survey. It has discovered that compliance IT, supposedly the great labour-saver for firms that want to offset the costs of rocketing compliance salaries, is imposing its own burdens on their personnel budgets because compliance staff have to be trained to use it.

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.
 
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.

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.
 
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.

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.

• Head of group compliance: minimum £135-155K; mid-range £155-175K; and maximum £175-200K.
• Head of UK compliance/CF10: min £100-120K; mid £120-140K; max £140-180K.
• Head of core/central compliance: £90-110K; £110-120K; £120-150K.
• Senior manager advisory: £90-95K; £95-115K; £115-140K.
• Advisory manager: £80-85K; £85-90K; £90-120K.
• Advisory associate: £60-50K; £50-60K; £60-90K. Randstad does not explain the strange reversal of prices in the first two figures.
• Senior manager of monitoring: £80-90K; £90-105K; £105-125K.
• Monitoring manager: £60-65K; £65-75K; £75-100K.
• Monitoring associate: £50-55K; £55-60K; £60-80K.
• Head of control room: £85-95K; £95-115K; £115-125K.
• Control room team leader: £50-60K; £60-65K; £65-80K.
• Control room analyst/associate: £30-45K; £45-50K £50-55K.

Temporary jobs and their price-tags

Prices per day are as follows.

• Regional head of compliance: min £800-1,000; mid £1,000-1,500; £1,500-2,000.
• Head of UK compliance: (CF10) £800-1,000; £1,000-1,050; £1,050-1,200.
• Head of core/central compliance: £600-650; £650-750; £750-900.
• Senior manager advisory: £700-750; £750-850; £850-1,000.
• Advisory manager: £450-450 (this is obviously a clerical mistake); £450-500; £500-700.
• Advisory associate: £350-450; £450-500; £500-550.
• Senior manager monitoring: £550-650; £650-750; £750-850.
• Monitoring manager: £400-500; £500-550; £550-600.
• Monitoring associate: £300-350; £350-400; £400-450.
• Head of control room: £500-550; £550-600; £600-700.
• Control room team leader: £300-350; £350-400; £400-500.
• Control room analyst/associate: £200-250; £250-300; £300-350.
• Financial promotions manager: £300-400; £400-500; £500-600.
• Financial promotions associate: £200-250; £250-300; £300-350.

Financial crime officers: permanent

Not far behind compliance come the wages of financial crime executive and workers. These are as follows for permanent positions.

• Head of financial crime in Europe and the Middle East: min £150-200K; mid £200-300K; max £300-400K.
• Head of financial crime UK/MLRO (CF11): £100-130K; £130-160K; £160-150K. There is no explanation for the retrograde movement of figures at the end here.
• AML manager: £60-70K; £70-85K; £85-100K.
• KYC (know your customer) manager/team leader: £55-70K; £70-£80K; £80-85K.
• KYC/onboarding associate: £35-45K; £45-55K; £55-70K.
• KYC analyst: £30-40K; £40-50K; £50-55K.
• Sanctions manager: £50-60K; £60-75K; £75-90K.
• Transaction surveillance/monitoring £50-55K; £55-75K; £75-90K.
• Financial crime officer: £40-50K; £50-75K; £75-90K.

Financial crime officers: temporary

Temporary rates per day are as follows.

• Head of financial crime in Europe and the Middle East: min £800-1,000; med £1,000-1,500; max £1,500-2,000.
• Head of financial crime UK/MLRO (CF11): £750-800; £800-900; £900-1,000.
• AML manager: £300-350; £350-400; £400-450.
• KYC manager/team leader: £350-400; £400-450; £450-500.
• KYC/onboarding associate: £200-250; £250-300; £300-400.
• Sanctions manager: £350-400; £400-450; £450-550.
• Transaction surveillance/monitoring: £350-400; £400-450; £450-550.