A report has highlighted how much wealth and asset management firms are prepared to pay people to keep the regulators off their backs.
The report from specialist recruitment consultancy Morgan McKinley shows that remuneration packages for compliance staff are not far off front office pay, although banks are still paying more for compliance professionals than wealth and asset managers.
At the end of June, the average salary for compliance managing directors in asset and wealth management firms was £92,583, with a £15,033 average bonus added to this, the study found.
In comparison, top level compliance professionals within investment banking take home on average £149,25, which is complemented by a £63,450 bonus.
For US investment banks based in London, the total package for top compliance professionals is even higher at £365,000, while for retail banks it falls to £175,000.