Compliance salaries set to rocket in 2016, as misconduct fallout takes the spotlight
Junior compliance associates could be raking it in next year, with salaries expected to rise 6.8 per cent in 2016, well above the average three per cent salary rise forecast across all professions.
According to figures released today by Robert Half, junior compliance associates can expect the third biggest salary percentage increase of all the jobs analysed by the specialist recruiter, just behind mobile app developers, who can anticipate a pay rise of 7.4 per cent, and web developers, who could see their pay increase by 7.3 per cent.
Other professionals who are likely to see a boost on their payslip include information security managers (6.6 per cent), operation risk managers (5.7 per cent) and regulatory accountants (3.5 per cent).
The predicted pay rises for compliance professionals have come at a time when misconduct is in the spotlight. In October, the Financial Conduct Authority (FCA) banned Kweku Adoboli, the former UBS rogue trader who lost $2.3bn (£1.5bn) through unauthorised trading while working in the firm’s London offices, from working in the financial services industry, after he had already been sentenced to seven years in prison in 2012.
Meanwhile, last week, the FCA and Prudential Regulation Authority (PRA) published their long-awaited report into the undoing of banking group HBOS, pointing the finger firmly at senior management.
“The greatest salary increases are a clear indication of where the imbalance between supply and demand is highest,” said Phil Sheridan, senior managing director, Robert Half UK.
“This is creating upward pressure on salaries for hard to fill roles such as applications developers, compliance experts and information security managers who are so essential to organisations operating in today’s fast-evolving yet tightly regulated commercial environment.
“Employers are having to move quickly to secure the best candidates and are offering other benefits to attract top professionals such as flexible working, annual leave and career breaks.”
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