The regulatory landscape within the UK financial services sector is constantly evolving, driving demand for skilled compliance professionals. Compliance roles vary by seniority level, firm size, and customer base, with salary ranges reflecting the expertise required and the complexity of the specific industry.
In this post, we explore regulatory compliance roles across different financial services sectors, detailing the impact of firm size and customer base on compensation. We also compare salary data for 2024 with 2023, outlining notable trends.
Key Factors Affecting Salary
Firm Size: Larger firms with more complex operations generally offer higher salaries to attract senior compliance talent. They tend to have bigger compliance teams with specialised roles, while smaller firms may offer broader roles with lower salaries.
Customer Base: Firms dealing with high-net-worth individuals, institutional investors, or multinational clients typically offer higher compensation to mitigate increased regulatory risk. Similarly, firms with a global reach often require compliance officers to manage international regulations, leading to higher salaries.
Standard Caveats
Regional Variation: Salary ranges can significantly vary by location within the UK. London-based roles often command a premium due to the concentration of financial institutions in the capital and the higher cost of living.
Firm-Specific Compensation Packages: Some firms may offer additional bonuses, stock options, or other incentives that can significantly impact total compensation, which is not always reflected in base salary figures.
Fluctuations Due to Economic Conditions: Macroeconomic factors, such as inflation and financial instability, can influence salary trends across the industry.
1.Retail Banking Compliance Roles
Role | 2023 Salary Range (£) | 2024 Salary Range (£) | Key Responsibilities | Impact of Firm Size/Customer Base |
|---|---|---|---|---|
Junior Compliance Officer | 30,000 - 40,000 | 32,000 - 42,000 | Assisting with daily compliance tasks, including transaction monitoring and reporting. | Small firms may offer 5-10% less than larger retail banks. |
Compliance Analyst | 40,000 - 55,000 | 42,000 - 58,000 | Conducting compliance reviews and monitoring regulatory changes. | Larger firms with international operations may typically pay 5-15% more. |
Compliance Manager | 60,000 - 80,000 | 65,000 - 85,000 | Leading a team to ensure regulatory compliance across functions. | Salaries tend to be 10% higher at firms with complex client portfolios. |
Senior Compliance Manager | 80,000 - 110,000 | 85,000 - 115,000 | Overseeing large compliance projects, ensuring adherence to regulations like the FCA and PRA. | Global banks may offer up to 15% more. |
Head of Compliance | 120,000 - 160,000 | 125,000 - 165,000 | Setting the compliance strategy and ensuring all aspects of regulation are met. | High-net-worth client-focused firms can pay 15-20% above average. |
Chief Compliance Officer (CCO) | 180,000 - 250,000 | 190,000 - 260,000 | Ultimate responsibility for the compliance framework and risk management. | The largest firms, especially those with international operations, offer significantly higher pay (10-20%). |
2.Investment Banking Compliance Roles
Role | 2023 Salary Range (£) | 2024 Salary Range (£) | Key Responsibilities | Impact of Firm Size/Customer Base |
|---|---|---|---|---|
Junior Compliance Analyst | 45,000 - 55,000 | 47,000 - 58,000 | Supporting regulatory compliance in trading and investment. | Salaries are often higher in multinational investment banks. |
Compliance Associate | 55,000 - 75,000 | 58,000 - 80,000 | Performing compliance risk assessments, and ensuring adherence to FCA regulations. | Global operations firms offer a 10-15% premium. |
Compliance Manager | 90,000 - 130,000 | 95,000 - 135,000 | Managing the compliance team and handling complex regulatory issues. | Larger firms may pay 10-20% more depending on the client base. |
Head of Compliance | 150,000 - 210,000 | 155,000 - 220,000 | Leading the compliance function, ensuring robust internal controls. | Firms with complex trading desks and international clients tend to offer 15-20% higher salaries. |
Director of Compliance | 220,000 - 300,000 | 230,000 - 320,000 | Managing compliance risks across all business units globally. | Top-tier global firms pay up to 20% more than smaller institutions. |
Chief Compliance Officer (CCO) | 300,000 - 450,000 | 320,000 - 480,000 | Developing strategies and ensuring compliance with international regulations. | The largest investment banks offer the highest compensation, often with additional bonuses. |
3.Asset Management Compliance Roles
Role | 2023 Salary Range (£) | 2024 Salary Range (£) | Key Responsibilities | Impact of Firm Size/Customer Base |
|---|---|---|---|---|
Junior Compliance Officer | 35,000 - 45,000 | 37,000 - 47,000 | Ensuring adherence to investment guidelines and monitoring fund compliance. | Boutique firms may offer slightly lower salaries compared to larger asset managers. |
Compliance Analyst | 45,000 - 65,000 | 48,000 - 68,000 | Conducting detailed analysis of regulatory requirements and risk. | Larger firms with institutional investors may pay 10% more. |
Compliance Manager | 70,000 - 100,000 | 75,000 - 105,000 | Managing compliance procedures for portfolio management and funds. | Global asset managers offer 10-15% more. |
Head of Compliance | 120,000 - 160,000 | 125,000 - 170,000 | Developing and overseeing compliance frameworks across all managed funds. | Complex portfolios with high-value clients may lead to 15-20% higher salaries. |
Director of Compliance | 180,000 - 250,000 | 190,000 - 260,000 | Leading compliance for large asset management firms, globally. | Salaries at firms managing large institutional funds can be 10-20% higher. |
Chief Compliance Officer (CCO) | 250,000 - 400,000 | 270,000 - 420,000 | Defining and executing compliance strategy across global operations. | International firms with HNW clients pay the most. |
4.Insurance Compliance Roles
Role | 2023 Salary Range (£) | 2024 Salary Range (£) | Key Responsibilities | Impact of Firm Size/Customer Base |
|---|---|---|---|---|
Junior Compliance Officer | 30,000 - 40,000 | 32,000 - 42,000 | Managing regulatory reports and ensuring company-wide compliance. | Large insurance companies typically offer higher salaries. |
Compliance Analyst | 40,000 - 55,000 | 42,000 - 58,000 | Conducting insurance policy reviews and audits for compliance. | Firms with complex product portfolios may offer 10-15% more. |
Compliance Manager | 60,000 - 90,000 | 65,000 - 95,000 | Overseeing regulatory changes and ensuring compliance for insurance products. | Larger insurers often provide 15-20% higher compensation. |
Head of Compliance | 100,000 - 140,000 | 105,000 - 145,000 | Leading compliance initiatives and policy development within the insurance sector. | Multinational insurance companies offer up to 15% more. |
Director of Compliance | 160,000 - 220,000 | 170,000 - 230,000 | Establishing compliance frameworks across all insurance business lines. | Firms with global operations typically pay the highest salaries. |
Chief Compliance Officer (CCO) | 220,000 - 350,000 | 230,000 - 370,000 | Ensuring compliance with global insurance regulations and managing risk. | Larger, international insurers pay significantly higher. |
5.FinTech Compliance Roles
Role | 2023 Salary Range (£) | 2024 Salary Range (£) | Key Responsibilities | Impact of Firm Size/Customer Base |
|---|---|---|---|---|
Junior Compliance Officer | 35,000 - 50,000 | 38,000 - 52,000 | Ensuring compliance in new financial technologies and regulations like PSD2. | Startups may offer slightly lower salaries compared to established firms. |
Compliance Analyst | 50,000 - 70,000 | 52,000 - 75,000 | Working with product teams to ensure new solutions meet regulatory standards. | Fast-growing firms and those with large customer bases offer 10-15% higher salaries. |
Compliance Manager | 80,000 - 120,000 | 85,000 - 130,000 | Managing the compliance function in fast-growing FinTech firms. | Companies with complex technology stacks may offer 10-20% more. |
Head of Compliance | 140,000 - 180,000 | 150,000 - 190,000 | Overseeing regulatory compliance for digital payment systems and cryptocurrencies. | Global FinTech firms tend to offer significantly higher compensation. |
Director of Compliance | 180,000 - 250,000 | 190,000 - 260,000 | Developing compliance strategies for expanding FinTech operations internationally. | Larger firms scaling internationally pay 15-20% more. |
Chief Compliance Officer (CCO) | 250,000 - 400,000 | 270,000 - 420,000 | Ensuring compliance across global FinTech operations. | Firms dealing with large-scale or high-risk financial technologies tend to pay the most. |
Conclusion
Regulatory compliance roles across the UK financial services industry continue to evolve, with salary increases from 2023 to 2024 reflecting the growing complexity of regulations. The size of the firm, the nature of its customer base, and international reach all play key roles in determining compensation. Larger firms and those dealing with more complex regulatory environments, such as global operations or high-net-worth clients, tend to offer higher salaries, particularly at senior levels.
It's crucial for firms to stay competitive in their compensation to attract top compliance talent, especially as the regulatory environment becomes more challenging.
The salary data and role information provided in this report is based on industry reports, salary surveys, recruitment agency data, and publicly available salary benchmarking data. The data was compiled in Q1 2024, reflecting insights from industry surveys, recruitment trends, and updates on regulatory compliance roles across various sectors. The comparisons to 2023 figures are based on previously published reports from these same sources, adjusted for inflation, industry demand, and changes in the regulatory landscape.