Job profile
Compliance
Similar job titles
Compliance analyst
Head of compliance
Compliance director
What
Acting ethically and responsibly is a huge focus within financial services. Compliance professionals are responsible for ensuring the rules and principles set by the Financial Services Authority (FSA) and other regulators are being adhered to , under the guidance of the organisation’s senior management team and the
Board. These will include internal controls to ensure the senior management is running your company effectively.
These legal requirements protect consumers, and failure to meet them could result in a heavy fine for your employer or could even close the business. The job itself varies from company to company, depending on the size and structure of the organisation. In a small financial advice firm it may consist of just one person, with wide responsibilities. Many large banks, insurance companies, investment divisions and accountancy practices have multi-disciplined teams, sometimes containing over 100 people with greater specialisation. Roles fall into three distinct areas of activity: know your customer (KYC) and anti money laundering (AML) compliance, internal advisory service, and monitoring activities. Duties include educating and advising the workforce through clear communications and training, monitoring, reviewing and periodically checking sales and marketing activities, and managing relationships internally and with the FSA. Some compliance departments are responsible for Data
Protection Act (DPA) and Consumer Credit Act (CCA) issues, financial crime prevention, complaints investigation and response, and sometimes Business Continuity Planning (BCP). There will also be responsibility for dealing with UK, European and international regulations.
Salary
Entry level positions, such as a trainee compliance officer , start at approximately £16,000 per annum. With the right experience, qualifications and skills you could progress to management roles and earn in excess of
£100,000 per annum. This does not include potential bonuses and additional benefits. Salaries will vary considerably based on location and employer.
Tasks
 Preparing for and managing inspections by the regulator
 Researching and understanding changes in regulation
 Developing internal policies relating to compliance within your organisation and overseeing their implementation
 Developing compliance guidance materials, controls, training resources and an internal handbook
 Advising senior management on the implications and scope of internal policies and related plans
 Setting the annual compliance plan, undertaking risk monitoring and quality assurance to demonstrate adherence
 Conducting due diligence reviews, reporting on the outcome of compliance risk assessments and ensuring that remedial action is taken
 Identifying, investigating and resolving non-compliant activities
 Approving advertisements for publication and broadcasting
 Planning compliance training sessions
 Advising on the regulatory implications of future business strategies
 Providing subject matter expertise to the business and responding to queries and being a point of reference
 Informing the FSA of breaches in regulations
 Report writing for risk committees and the Board
Skills
 Excellent interpersonal skills, with the confidence to approach people at all levels of seniority
 An enquiring analytical mindset
 Methodical and systematic in work approach
 Excellent report writing skills
 Articulate, confident communicator and presenter
 Assertive and persuasive
 Self-motivated with good teamwork skills
 Attention to detail
Useful knowledge and experience
A new entrant will not always be required to have this knowledge. Employers usually provide training to acquire skills for:
 Regulation and legislation relevant to your company’s business
 Ethical standards including the Financial Services Authority’s guidance on good practice

 How the company operates, their wider products and services and how they are marketed and sold
Entry qualifications
Often seen as a graduate role, any degree subject is acceptable, but qualifications in risk management, accounting, business studies, law or risk management can be useful. It can be possible to enter compliance via an administrative support role as a school/college leaver or after gaining a solid business understanding in an operational support role. Many compliance professionals have qualifications from professional bodies relevant to the sector, such as banking, insurance or investments.
In order to gain an entry level position, employers will look for people who have:
 A Levels, Scottish Highers or equivalent qualifications such as Business, Administration and Finance (BAF)
Diploma, BTEC National Diploma, Welsh Baccalaureate (BAC), SVQ Level 3 or Higher National Certificate
(SCQF Level 7)
Professional and higher qualifications
Some employers require compliance professionals to demonstrate their understanding of financial services and undertake specialist technical qualifications.
These may include qualifications offered by the International Compliance Association, which includes an
Awareness Certificate in Compliance, an Advanced Certificate in Compliance and a Graduate Diploma in
Compliance, and the Institute of Financial Services , the Chartered Insurance Institute (CII) and the Chartered
Institute of Securities & Investment (CISI), which include compliance and risk management as modules. The
Institute of Bankers in Ireland offers a Professional Certificate and Professional Diploma in Compliance. The CISI also offer a Diploma in Investment Compliance, which also counts towards the International Capital Market
Association (ICMA) Advanced Certificate in Investment Compliance.
The ICA’s Level 6 Graduate Diplomas offer an accelerated route to
 Level 6 BSc (Hons) in Management and Compliance offered by the University of Manchester Business
School
More senior compliance professionals will be required to be an “Approved Person” by the FSA. This involves the
FSA approving your qualifications, experience and conduct as suitable to carry out your particular role. Those in
Significant Influence Functions (SIF) may also be interviewed by the FSA.
UK and global opportunities
Compliance is a growing area and is regarded as a new and exciting profession since regulation commenced in
1988. The skill set acquired by compliance professionals is diverse and could open many management career doors. All companies operating in financial services need a compliance function, including insurers, insurance intermediaries, investment/as set management companies, Lloyd’s brokerages and underwriters, independent financial advisers, life assurance and pension companies, stockbrokers, banks, accountancy firms, solicitors and consultancy houses. There are also opportunities to be self-employed or work for firms that provide support services to financial advisers. Some compliance people work for the regulators themselves. Most jobs are concentrated in the major financial centres such as Belfast, London, Birmingham, Leeds, Manchester, Bristol,
Glasgow, Edinburgh, Norwich and Cardiff. However, there are financial services companies in many towns, all requiring compliance support.
Find out more
Chartered Institute for Securities & Investment – www.cisi.org
Chartered Insurance Institute – www.cii.co.uk
Directions – www.directions.org.uk
Financial Services Authority – www.fsa.gov.uk
Institute of Financial Services – www.ifslearning.ac.uk
Institute of Chartered Secretaries and Administrators – www.icsa.org.uk
International Capital Market Association – www.icmagroup.org
International Compliance Association – www.int-comp.org
Operational Risk & Regulation – www.risk.net/operational-risk-and-regulation
Scottish Qualifications Authority – www.sqa.org.uk
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