Counter-offering within compliance is creating imbalance in pay levels.
2007 was a very busy year for compliance recruitment and this is expected to continue into 2008. The majority of recruitment agencies put this down to the rise in regulation for the Hedge Fund Industry. The FSA increased the required regulation and hence a number of investment banking compliance professionals moved across.
At the same time the larger banks were expanding their product advisory teams preparing for the continual boom in the markets. An article in the evening standard published in the later half of 2006 noted that “compliance professionals have seen salaries rise by an average 26 per cent in the year – and by as much as 30 per cent in investment banking”.
We have also seen record highs in the number of people being counter-offered and this began to create imbalances in the pay levels of various teams of staff.
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