Groups' surging demand for compliance staff leads to 'mercenary' pay environment

MiFID II due to be implemented in January 2018

Asset and wealth management firms seeking to boost compliance department headcounts are offering individuals up to 15% pay rises in order to recruit ahead of the fast-approaching MiFID II deadline in January 2018.

The number of compliance staff employed by the UK wealth management industry has risen by 53% since 2002, according to research firm Compeer, as asset managers seek to keep up with ever-changing regulatory pressures, including MiFID II, AIFMD and PRIIPs. Recruiters have said demand is outstripping supply with groups acting with a "definite urgency" to appoint compliance staff, leading to a "mercenary" attitude towards pay among compliance officers who can effectively name their price.  Thin supply The average salary for a compliance officer can range between £100,000 and £150,000, a...