Why every FCA regulated firm should have the best Head of Compliance they can afford
We’re often asked “what’s the salary for a Head of Compliance”. It’s a question many recruiters don’t enjoy! Whilst there are generally salary bandings for firms available, the truth is we see firms take very different approaches to who they hire to head compliance, and therefore how much they spend.
Financial Conduct Authority (FCA) regulated firms are required to ensure that their businesses are run in an ethical and compliant manner. To achieve this, it is crucial for these firms to appoint the best Head of Compliance they can afford, given they are responsible for overseeing the compliance function within a firm and ensuring that it complies with all relevant regulations and rules. This individual is responsible for creating and implementing a comprehensive compliance program, as well as training and educating employees on compliance issues. I’d say these are pretty important things, the things that allow you to sleep at night.
Having the best Head of Compliance is critical for a number of reasons. Firstly, it helps to minimize the risk of regulatory enforcement action by the FCA. Firms that fail to comply with regulations and rules face serious consequences, including fines, loss of license and reputational damage. A skilled Head of Compliance can help a firm avoid these outcomes by ensuring that they are aware of all relevant regulations and are in compliance with them.
Additionally, a strong Head of Compliance can help a firm to maintain its reputation by ensuring that its practices are transparent, ethical and in line with customer interests. This is particularly important in the financial sector where customer trust is key to a firm's success.
Furthermore, a Head of Compliance who is knowledgeable and experienced can help a firm to stay ahead of the curve on regulatory changes and emerging risks. This can help the firm to be proactive in its approach to compliance, rather than reactive, and to avoid any potential compliance pitfalls.
We have extensive experience of hiring for Corporate Functions, which includes compliance and our view is that FCA regulated firms must ensure that they appoint the best Head of Compliance they can afford. The best person relative to the size of their business. This individual is responsible for ensuring that the firm complies with all relevant regulations, protecting the firm's reputation, and staying ahead of regulatory changes and emerging risks. Investing in the best Head of Compliance is a crucial step in ensuring the long-term success of a FCA regulated firm, not an option.
About Fram Search
Established in 2010, Fram Search is a specialist financial services recruitment consultancy. We focus on mid-to-senior hires in the UK and internationally, providing high quality contingent and retained recruitment services, focusing on permanent & interim placements at all levels.
We have long established relationships, outstanding market knowledge, and access to deep talent pools. Fram takes a highly consultative approach, combining outstanding tech with a human approach. We are proud that our contingent fill rate is nearly three the industry average and we augment our retained search methodology with rigorous psychometric testing. We take ESG seriously, we are champions of diversity and all staff have undertaken unconscious bias training, we also carbon offset.
Please contact us on 01525 864 372 / [email protected] to learn more.
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