In today’s fast-changing financial world, compliance professionals are the gatekeepers of integrity. From fighting financial crime to protecting customer data, their work is crucial – and demand for their skills is soaring and wages are rising. (Click here to find out how much you can earn)
With the compliance sector set to grow by 21% by 2033, now is the perfect time to explore this dynamic career path.
What is Financial Compliance?
Financial compliance ensures businesses—especially in banking, insurance, and investments—adhere to laws, regulations, and ethical standards. It prevents fraud, money laundering, and financial crime while promoting transparency and fairness.
What Do Compliance Professionals Do?
- Anti-Money Laundering (AML): Stopping illegal money flows.
- Regulatory Reporting: Ensuring businesses meet legal requirements.
- Risk Assessment: Identifying and mitigating financial risks.
- Data Protection & Security: Safeguarding customer and financial data.
A Brief History of Compliance
Just like Trust, Compliance isn’t new— it has its roots in Mesopotamia’s Code of Hammurabi (1754 BC), which introduced rules for trade and property.
The Code of Hammurabi is a collection of the King of Babylon’s laws which were inscribed on stone columns towards the end of his reign. The 282 case laws include economic provisions (prices, tariffs, trade, and commercial regulations), family law (marriage and divorce), as well as provisions dealing with criminal law (assault, theft) and civil law (slavery, debt).
Key moments in the development of UK financial regulation:
- The Bank of England is founded in 1694 – Before formal regulations, British finance was self-governed. The Bank of England, founded in 1694, helped maintain stability but lacked oversight powers.
- The Companies Act 1862 – Introduced in response to rising corporate fraud, it established limited liability and formal reporting duties, laying the foundation for modern company law.
- 1929 Wall Street Crash & Great Depression – Exposed weaknesses in global financial systems. The UK Companies Act 1948 made audits mandatory to enhance transparency and restore investor confidence.
- The Banking Act 1979 – Introduced after several bank failures, it required licensing and gave regulatory powers to the Bank of England.
- The 1980s – Big Bang Reforms (1986) – Deregulation and electronic trading boosted competition but increased risk, prompting the Financial Services Act 1986 to improve oversight.
- The 1990s – Globalisation and digital finance exposed regulatory gaps. The Financial Services Authority (FSA) was created in 2001 to unify financial oversight.
- The 2000s – The 2008 financial crisis revealed major regulatory failings. The FSA was replaced by the Financial Conduct Authority (FCA) for conduct and consumer protection, and the Prudential Regulation Authority (PRA) for financial stability and prudential oversight.
- Today – UK compliance continues to evolve to address emerging risks, technological change, and international standards, reinforcing the importance of trust and accountability in financial markets.
Compliance in the Channel Islands
The Channel Islands are recognized as well-regulated financial centres – The Jersey Financial Services Commission (JFSC) and the Guernsey Financial Services Commission (GFSC) oversee their respective islands’ financial services sectors – therefore aligning the islands with global compliance standards.
The islands’ status has been further reinforced following MONEYVAL’s recent assessment of Guernsey and, in 2024 of Jersey. This growing regulatory focus means compliance roles are more in demand than ever making it a great time to enter the field.
How to Kickstart Your Compliance Career
There is a plethora of qualifications for those interested in compliance. Some of the most widely recognized entry level compliance certifications in the UK are:
The International Compliance Association (ICA) Certificate in Compliance – The ICA is one of the most respected bodies offering compliance qualifications, covering financial crime, AML (Anti-Money Laundering), and regulatory compliance.
The Association of Certified Anti-Money Laundering Specialists (ACAMS) – The ACAMS is a global recognised Anti-Money Laundering certification. The CAMS certification helps professionals gain expertise in detecting, preventing, and reporting financial crimes like money laundering and terrorism financing.
What Can You Earn?
Entry-level roles:
Compliance Assistant with 0 – 2 years experience: £25k – £30k
Compliance Trainee : £20k – £25k
Experienced professionals
Compliance Officer with 2 -5 years’ experience: £35k – £50k
Senior Compliance Officer with 5- 10 years’ experience: £45k – £60k
Management Level Roles:
AM – Manager: £60k – £75k
Prescribed Roles:
MLCO, MLRO, CO: £80k – £100k+
With compliance careers booming, now is the time to jump in. Could this be your next big move?
Current Opportunities in the Sector
We’re actively recruiting for roles in Compliance.
Current openings include:
- Senior Administrator – Operations and Business Support
- Senior Support Officer
- Assistant Manager, Global Compliance Services
- Head of Guernsey Compliance & MLRO
- Trainee Business Support Analyst
- Compliance Monitoring Officer (6 Month Contract)
- Senior Associate – Risk, Regulation and Fintech
- Compliance Monitoring & Assurance Officer
- ….and more
Let’s Get Started on Your Career!
At FirstCall Recruitment, we specialize in connecting ambitious job seekers with exciting opportunities in the compliance sector.
Contact us today to explore your options:
Email: info@firstcall.co.gg
Phone: 01481 714634
Whether you’re just starting out or ready to level up, there’s never been a better time to make your mark in compliance—get in touch today and take the first step toward a future-proof career.
