FSA ups the ante for compliance hirers

The Financial Services Authority's threat to clamp down on the ever-advancing derivatives sector could spell could good news for compliance professionals.

"Lawyers and compliance officers with derivatives experience can already command a premium on their salaries, and with this regulation I anticipate that will go up" says Chris Hickey, director of professional services recruitment at Robert Walters.

Hickey says equity derivatives compliance specialists with three to five years' experience can already command salaries of 85,000 to 90,000, plus bonuses of 100%. On the legal side, he says someone with around six years' post qualification experience can command a basic of 105k and up to 100% bonus."

Earlier this week, the FSA's banking sector leader Dr. Thomas Huertas told a meeting of the International Swaps and Derivatives Association that the regulator plans to focus more strongly on the risk management and operational aspects of the derivatives market.

The move could see banks retraining compliance specialists from other sectors. "If banks need to increase headcount, it will be interesting to see if they become more flexible in their requirements," says Hickey. "Derivatives experience is already hard to find."