Financial Services Salary Guide

Salary Guide & Market Update

Financial Services | 2026

The salaries outlined in this guide are informed by placements made by JSS over the past twelve months, alongside real-time insight from our specialist recruitment teams. As we move through 2026, businesses are continuing to operate in a more cost-conscious environment, shaped by ongoing inflationary pressure and increased National Insurance contributions. While conditions have stabilised compared to last year, growth remains measured, with organisations placing greater emphasis on cost control, efficiency and more flexible resourcing models. Flexible working remains a core expectation, requiring employers to balance autonomy with effective collaboration. At the same time, advances in AI and emerging technologies continue to reshape how organisations drive productivity, efficiency and growth. In this context, clarity around role design, remuneration and overall value proposition has become increasingly important when attracting and retaining critical skills. This guide reflects what organisations are actually paying, where demand is concentrated, and how hiring behaviour is evolving in practice. At JSS, we work in partnership with clients and candidates, taking a consultative approach to every assignment. Our teams combine market knowledge with practical hiring experience to provide informed, realistic advice — whether supporting long-term growth, interim needs or specialist hires. We hope the insights in this guide are useful. If you would like to discuss benchmarking, market conditions or remuneration in more detail, our consultants would be happy to support you.

Steve Hallam | CEO steve.hallam@thejssgroup.com Connect on LinkedIn

CONTENTS Banking & Fintech

4-5 6-7 8-9

Market Update

Core Finance Salary Benchmarking Transformation Salary Benchmarking

Investment Management Market Update

10-11 12-13 14-15

Finance Salary Benchmarking Transformation Salary Benchmarking

Insurance

16-17 18-19 20-21 22-23 24-25

Market Update

Life/General Salary Benchmarking Broking/MGA Salary Benchmarking

Reinsurance/Syndicate Salary Benchmarking Transformation Salary Benchmarking

Treasury & Risk

26-27 28-29

Market Update

Financial Services Salary Benchmarking

Governance

30-33 34-35 36-37 38-41 42-43

Market Update

Compliance Salary Benchmarking Internal Audit Salary Benchmarking Financial Crime Salary Benchmarking

Risk Salary Benchmarking

Human Resources Market Update

44-45 46-49 50-51

Financial Services Salary Benchmarking Payroll/Reward Salary Benchmarking

Market Update Banking & Fintech

Phillip Bailey

phillip.bailey@thejssgroup.com

Josh Spoor

josh.spoor@thejssgroup.com

Over the past 12 months, SME-focused challenger banks and payments platforms have continued to scale, outpacing Tier 1 institutions through lean operating models and faster decision-making. While larger banks have remained focused on restructuring and cost control, SME specialists have invested in finance teams to support growth across lending and merchant services. Hiring slowed through much of last year as interest rate uncertainty drove a rise in fixed-term and interim solutions. As confidence returns in early 2026, many of these roles are now converting into permanent mandates — particularly for integration- focused accountants and systems-led finance professionals who can support growth with lean teams.

2026 Outlook: What We’re Seeing Now Basel 3.1: the final rehearsal

2026 represents the final rehearsal year ahead of the January 2027 go-live. The removal of SME support factors and the introduction of the 72.5% output floor are requiring CFOs to recalibrate capital strategy and risk-weighted asset (RWA) modelling. • Regulatory Reporting & Change Specialists: Sustained demand for professionals able to automate data pipelines and reduce reliance on manual spreadsheet-based processes. • Pillar 2 Focus: Banks are increasingly appointing interim specialists to navigate PRA off-cycle reviews and ensure internal models align with evolving standardised approaches. AI in Finance: moving beyond pilot CFOs are moving beyond AI pilots toward more embedded, operational use of AI-driven tools, as part of broader finance transformation programmes. By connecting intelligent automation into established data warehouse environments, firms are enabling near real-time reporting with minimal manual intervention. • Real-Time FP&A: Forecasting is shifting away from retrospective monthly cycles toward live, assumption-led modelling informed by market and operational data. • Continuous Planning: FP&A teams are increasingly running scenario simulations in near real time, allowing leadership teams to assess outcomes before results are formally closed. Strategic M&A and integration As capital availability improves, 2026 is expected to bring increased consolidation across fintech and SME banking platforms. One of the most critical hires will be integration-focused finance leaders — professionals capable of unifying disparate platforms while preserving the lean operating benchmarks established in 2025. Hybrid working: what’s sticking Hybrid working has largely standardised at three to four days per week in the office across the UK financial sector. As firms prioritise delivery, mentorship and execution quality, in-person collaboration is increasingly favoured for complex initiatives such as regulatory remediation, AI implementation and M&A integration. Cultural cohesion and delivery discipline are emerging as key differentiators in high-growth, resource-constrained environments. Compensation: renewed focus on base salary Following a year of conservative payouts and variable compensation underperformance, many candidates have de-prioritised bonus-heavy packages in favour of fixed pay certainty. As firms move into 2026, base salary has once again become the primary benchmark for senior finance professionals. Employers are responding by recalibrating fixed pay bands to remain competitive, recognising a clear shift in candidate preferences toward guaranteed earnings over volatile, performance-linked incentives. 5

Salary Benchmarking Banking | Finance

Perma

Job Title

£200,000 - £150,000 - £120,000 - £100,000 - £75,000 - £65,000 - £60,000 - £45,000 - £140,000 - £100,000 - £80,000 - £65,000 - £120,000 - £140,000 - £120,000 - £90,000 - £65,000 -

CFO Finance Director Head of Finance Financial Controller

Finance Manager Senior Accountant Newly Qualified Accountant Finalist/QBE Director of FP&A Head of FP&A

FP&A (3-5 years PQE) FP&A (1-3 years PQE) Head of Cost

Director of Regulatory Reporting Head of Regulatory Reporting Regulatory Reporting Manager Regulatory Reporting Accountant

*Please be aware packages can vary dramatically, depending on the size and scale of quoted organisation. For more information, or to benchmark a specific role, please contact: phillip.bailey@thejssgroup.com

Interim

anent

- £400,000 - £250,000 - £165,000 - £140,000 - £100,000 - £75,000 - £70,000 - £60,000 - £170,000 - £140,000 - £100,000 - £85,000 - £150,000 - £200,000 - £160,000 - £110,000 - £85,000

£1,500 - £3,000 £1000 - £1,750 £700 - £900 £600 - £900 £450 - £650 £350 - £500 £300 - £400 £250 - £350 £1,000 - £1,300 £600 - £900 £500 - £650 £400 - £550 £800 - £1,000 £900 - £1,000 £800 - £1,200 £500 - £700 £400 - £550

Salary Benchmarking Banking | Transformation

Perma

Job Title

£150,000 – £140,000 –

Head of Change Programme Director Programme Manager Senior Project Manager

£110,000 – £95,000 – £75,000 – £85,000 – £120,000 – £110,000 – £100,000 – £85,000 – £65,000 – £85,000 – £55,000 – £90,000 – £55,000 – £85,000 –

Project Manager Change Manager

Enterprise Architect Business Architect Solutions Architect Senior Business Analyst Business Analyst PMO Manager PMO Analyst QA Manager QA Analyst Developer (Full Stack)

*Please be aware packages can vary dramatically, depending on the size and scale of quoted organisation. For more information, or to benchmark a specific role, please contact: tony.king@thejssgroup.com

Interim

anent

£200,000+ £200,000+

£1,200 – £1,600+ £1,000 – £1,500 £900 – £1,200 £800 – £950 £600 – £800 £700 – £900 £900 – £1,300 £800 – £1,100 £750 – £1,000 £650 – £800 £550 – £700 £700 – £850 £500 – £600 £700 – £900 £450 – £600 £500 – £800

– £145,000 – £115,000 – £95,000 – £105,000 – £175,000 – £145,000 – £140,000 – £105,000 – £85,000 – £110,000 – £75,000 – £115,000 – £75,000 – £130,000

Market Update Investment Management

Aaron Lowry

aaron.lowry@thejssgroup.com

Marianne Wills

marianne.wills@thejssgroup.com

Scott Grundy

scott.grundy@thejssgroup.com

As we move through 2026, the UK investment management finance and transformation markets across private equity, private credit, infrastructure and real assets continues to evolve through institutionalisation rather than contraction. Despite softer deal volumes throughout the last 12 months, hiring across finance, fund accounting, and transformation remained resilient. Many firms used the slower transaction environment to strengthen financial control, upgrade reporting infrastructure and support broader finance transformation initiatives. Finance is now viewed as a strategic enabler of investor confidence, scalability and governance, driving sustained demand across fund accounting, fund control, portfolio finance and FP&A.

What’s Driven Hiring Demand Over the past 12 months, a key trend has been the build-out of more robust internal finance functions across alternatives platforms. Firms invested in senior fund accounting and fund control roles, enhanced portfolio finance and performance analytics capability, treasury and liquidity management (particularly for semi-liquid and LTAF vehicles), and more centralised data and reporting frameworks, often as part of wider finance transformation initiatives. Private credit, infrastructure and renewables remained the most active hiring areas. Demand was strongest for credit-focused fund accountants, valuations and portfolio monitoring professionals, product controllers, and treasury specialists, with sector-experienced infrastructure finance talent remaining in short supply. After two relatively flat years, salary growth has returned. Base salaries increased by c.10–15%, with scarce hybrid profiles seeing higher uplifts. Technology and systems capability also continued to rise in importance as platforms accelerated finance transformation initiatives. Where the Market Remains Tight Talent scarcity persists at the mid-senior level, particularly for fund accountants and fund controllers with genuine alternatives exposure. The market remains tight for infrastructure and credit specialists, practice-to-funds movers, and hybrid finance, data, and transformation profiles. Hiring timelines have lengthened as firms balance continued investment with cautious capital deployment, while improved candidate confidence has reduced flexibility on compensation and role scope. Rising technical expectations — driven by investor reporting standards, liquidity complexity and regulatory scrutiny — continue to raise the bar for professionals operating beyond core NAV production. Hiring Outlook Hiring momentum is continuing to strengthen as deployment activity increases and market conditions stabilise. Growth is likely across fund control, portfolio finance and analytics, treasury and liquidity management, infrastructure and energy-transition finance, and data-enabled finance roles. With continued institutional capital flowing into private credit and real assets, demand for experienced fund accounting professionals is expected to remain structurally strong through 2026. Demand also remains strong for finance transformation professionals supporting system upgrades, data infrastructure and operating model change. Competing for Talent Move decisively in a candidate-constrained market. Strong fund accounting professionals are often managing multiple processes, and prolonged hiring timelines risk attrition. Prioritise technical depth alongside commercial and systems capability, particularly for roles supporting complex fund structures and investor reporting. Salary expectations have reset upward, especially across credit and infrastructure strategies. Clear investment in systems, governance and team build-out remains a key differentiator when attracting and retaining senior finance talent.

Salary Benchmarking Investment Management | Financ

Perm

Job Title

CFO Finance Director Head of FP&A Head of Finance Head of Fund Accounting Financial Controller FP&A Manager

£200,000 £150,000 £140,000 £120,000 £140,000 £100,000 £100,000 £75,000 £65,000 £60,000 £45,000 £30,000 £100,000 £60,000 £80,000 £65,000

Finance Manager Senior Accountant Newly Qualified Accountant Finalist/QBE Graduate Fund Controller/Fund Accounting Manager Fund Accountant

FP&A (3-5 years PQE) FP&A (1-3 years PQE)

*Please be aware packages can vary dramatically, depending on the size and scale of quoted organisation. For more information, or to benchmark a specific role, please contact one of our Finance specialists.

Interim

manent

£1,000 - £3,000 £800 - £1,500 £750 - £1,200 £700 - £950 £700 - £1,000 £600 - £900 £600 - £800 £450 - £650 £350 - £500 £300 - £400 £250 - £350 £150 - £170

0 - £400,000 - £225,000 0 - £180,000 0 - £160,000 - £200,000 0 - £140,000 0 - £120,000 - £100,000 0 - £75,000 0 - £70,000 0 - £60,000 0 - £40,000 0 - £140,000 - £100,000 - £100,000 0 - £85,000

£600 - £800 £350 - £500 £500 - £700 £400 - £600

Salary Benchmarking Investment Mgmt | Transformatio

Perma

Job Title

£150,000 – £140,000 – £110,000 – £90,000 – £70,000 – £80,000 – £125,000 – £105,000 – £100,000 – £85,000 – £60,000 – £80,000 – £50,000 – £85,000 – £55,000 – £95,000 –

Head of Change Programme Director Programme Manager Senior Project Manager

Project Manager Change Manager

Enterprise Architect Business Architect Solutions Architect Senior Business Analyst Business Analyst PMO Manager PMO Analyst QA Manager QA Analyst Developer (Full Stack)

Interim

anent

– £190,000 – £180,000 – £140,000 – £115,000 – £90,000 – £100,000 – £165,000 – £135,000 – £135,000 – £100,000 – £80,000 – £105,000 – £70,000 – £110,000 – £75,000 – £140,000

£1,100 – £1,500 £1,000 – £1,350 £900 – £1,150 £800 – £950 £650 – £800 £700 – £900 £900 – £1,250 £800 – £1,050 £850 – £1,000 £650 – £800 £550 – £700 £700 – £850 £500 – £600 £750 – £900 £450 – £650 £500 – £800

Market Update Insurance

Kelly Dwyer

kelly.dwyer@thejssgroup.com

Chloe Williams

chloe.williams@thejssgroup.com

London’s insurance market continues to operate under cost pressure, regulatory scrutiny, and ongoing digital transformation as we move through 2026. Hiring remains targeted and selective, with organisations prioritising roles that support accuracy, control, and long-term operational resilience. Finance and transformation teams are balancing speed and efficiency with reliability, as confidence stabilises, but specialist capability remains constrained.

Finance and Transformation Trends Hiring activity across insurance has remained steady but highly targeted. Demand continues for commercially focused finance professionals, particularly FP&A and cost business partners, as firms prioritise efficiency and control in a more selective market. Data analytics and automation capability is increasingly expected, even within traditional finance roles. Transformation remains a core feature of the market. Two-thirds of insurers are planning system upgrades or new implementations within the next two years, with ongoing investment in core finance platforms and large-scale transformation programmes across both broking and carrier environments. Significant private equity investment over recent years has also driven increased acquisition activity across the sector, resulting in a growing number of post-deal integration programmes and finance-led transformation initiatives. Where Capability Is Limiting Progress Specialist capability remains the defining constraint. Despite stable confidence levels, two-thirds of organisations report difficulty hiring in areas such as data, compliance, underwriting, and change. Competition is most acute for professionals with prior experience delivering similar regulatory or transformation initiatives. Retention confidence remains slightly lower than attraction, reflecting sustained competition for experienced professionals and limited permanent change capability across the market. Hiring Outlook Demand for finance, transformation, and data professionals is expected to remain strong throughout the rest of 2026. As regulatory expectations and system modernisation continue, competition for specialist capability will intensify, particularly where experience is critical to delivery and governance. Organisations that invest early in capability, clarity of mandate, and long-term development will be best placed to maintain momentum as the market remains selective rather than expansive. Advice to Hiring Managers Be clear and decisive. Lengthy or uncertain processes risk losing strong candidates in a competitive but cautious market. Focus on capability over headcount. Depth of experience, particularly in transformation, data, and regulated environments, will deliver greater long-term value. Reward should be viewed holistically. Progression, stability, and organisational credibility are increasingly influential alongside salary when candidates assess opportunities.

Salary Benchmarking Life / General Job Title

Interim (inside IR35 d

CFO

£2,000 - £3,000 £1,000 - £1,800 £800 - £1,200 £700 - £1,200 £700 - £1,200 £550 - £750 £450 - £600 £500 - £700 £450 - £600 £400 - £450 £300 - £350 £600 - £1000 £700 - £1000

Finance Director

Financial Controller

Head of Reporting

Head of FP&A/Director Level

Senior Finance Business Partner

Finance Business Partner

FP&A Manager

Senior FP&A Analyst

FP&A Analyst (Qualified)

Finance Analyst (Part-Qualified/ Finalist)

Solvency II Reporting Specialist

IFRS 17 Reporting Specialist

Regulatory Reporting Manager

£600-£800 £450 - £650 £450-£650 £400-£550 £400-£500 £350 - £400 £300-£400 £300-£350 £210 - £300

Regulatory Reporting Accountant

Senior Accountant

Group Accountant

Financial Accountant (Qualified)

Financial Accountant (Part-Qualified)

Management Accountant (Qualified)

Management Accountant (Finalist)

Management Accountant (Part-Qualified)

*Please be aware packages can vary dramatically, depending on the size and scale of quoted organisation. For more information, or to benchmark a specific role, please contact: kelly.dwyer@thejssgroup.com

Permanent (basic salary) £250,000-£400,000+ £130,000 - £220,000 £110,000 - £200,000 £140,000 - £180,000 £130,000 - £180,000

day rate)

£90,000 - £130,000 £70,000 - £100,000 £90,000-£120,000 £80,000 - £90,000 £60,000 - £80,000 £45,000 - £55,000 £80,000 - £120,000 £90,000 - £140,000 £90,000-£130,000 £80,000 - £90,000 £70,000-£90,000 £60,000 - £70,000 £60,000-£70,000 £60,000 - £65,000 £60,000 - £70,000 £50,000 - £60,000 £40,000 - £50,000

Salary Benchmarking Broking / MGA

Job Title

Interim (inside IR3

CFO

£1,500 - £3,000 £1,000 - £1,800 £700 - £1,000 £650 - £1000 £500 - £700 £400 - £600 £500 - £650 £450 - £550

Finance Director

Financial Controller

Head of FP&A/Director Level

Senior Finance Business Partner

Finance Business Partner

FP&A Manager

Senior FP&A Analyst

FP&A Analyst

£400-£450 £400 - £600 £400 - £550 £350 - £500 £350 - £450 £260 - £300 £210 - £250 £350 - £400 £300-£350 £210 - £300

Finance Manager

Senior Accountant

Group Accountant

Financial Accountant (Qualified)

Financial Accountant (Finalist)

Financial Accountant (Part-Qualified)

Management Accountant (Qualified)

Management Accountant (Finalist)

Management Accountant (Part-Qualified)

Permanent (basic salary) £150,000 - £300,000+ £130,000 - £200,000

35 day rate)

£110,000 - £180,000 £120,000 - £180,000 £90,000 - £120,000 £80,000 - £110,000 £90,000-£110,000 £75,000 - £90,000 £60,000 - £80,000 £80,000 - £90,000 £70,000 - £80,000 £60,000 - £70,000 £60,000 - £70,000 £50,000 - £60,000 £40,000 - £50,000 £60,000 - £65,000 £50,000 - £60,000 £40,000 - £45,000

Salary Benchmarking Reinsurance / Syndicate

Job Title

Interim (inside IR3

Syndicate Finance Director

£1,400 - £1,800 £1,000 - £1,400 £800 - £1000 £600 - £800 £400 - £600 £450 - 500 £450 - £500 £350 - £450 £550 - £700 £350 - £450 £400 - £500 £400 - £450 £300 - £375 £300 - £450 £275 - £350 £210 - £250 £150-£200

Syndicate Controller/Head of

Syndicate Reporting Manager

Senior Syndicate Accountant

Syndicate Accountant

Reinsurance Business Partner

Senior FP&A Analyst - Reinsurance

FP&A Analyst - Reinsurance (Qualified)

Outwards Reinsurance Accountant

Reinsurance Accountant (Qualified)

Reinsurance Operations Manager

Senior Reinsurance Technician

Reinsurance Analyst

Technical Accountant (operations)

Reinsurance Technician

Reinsurance Operations Assistant (1 year + experience)

Reinsurance Operations Assistant (entry level)

Permanent (basic salary)

35 day rate)

£150,000 - £200,000 £140,000 - £180,000 £120,000 - £140,000 £80,000 - £120,000 £65,000 - £80,000 £80,000 - 90,000 £75,000 - £90,000 £60,000 - £70,000 £75,000 - £90,000 £60,000 - £70,000 £70,000- £90,000 £55,000 - £75,000 £50,000 - £60,000 £50,000 - £70,000 £45,000 - £55,000 £40,000 - £45,000 £30,000 - £40,000

Salary Benchmarking Change & Transformation

Job Title

Interim (outside IR

Head of Change

£1,000 - £1,800 £1,000 - £1,600 £900 - £1,200 £800 - £1,000 £600 - £850 £500 - £700 £700 - £1,000 £700 - £1,000 £700 - £1,000 £800 - £1,000 £500 - £800 £600 - £800 £300 - £500 £500 - £650 £300 - £500 £350 - £600

Programme Director

Programme Manager

Senior Project Manager

Project Manager

Change Manager

Enterprise Architect

Business Architect

Solutions Architect

Senior Business Analyst

Business Analyst

PMO Manager

PMO Analyst

QA Manager

QA Analyst

Developer

*Please be aware packages can vary dramatically, depending on the size and scale of quoted organisation. For more information, or to benchmark a specific role, please contact: mark.heagney@thejssgroup.com

Permanent (basic salary) £140,000 - £200,000 £120,000 - £170,000 £95,000 - £130,000 £90,000 - £110,000

R35 day rate)

£70,000 - £95,000 £70,000 - £90,000 £90,000 - £120,000 £80,000 - £110,000 £80,000 - £110,000 £80,000 - £120,000 £60,000 - £90,000 £75,000 - £100,000 £50,000 - £75,000 £70,000 - £80,000 £40,000 - £70,000 £50,000 - £80,000

Market Update Treasury & Risk

Victoria Karpinski victoria.karpinski@thejssgroup.com

Matthew Dalby matthew.dalby@thejssgroup.com

Jenny Gilmore jenny.gilmore@thejssgroup.com

Over the past 12 months, activity across the treasury market has remained high, shaped by ongoing economic volatility, interest rate uncertainty and increased regulatory focus on liquidity and risk management. Organisations continue to place greater emphasis on senior and specialist treasury capability, increasingly viewing the function as critical to finance resilience and regulatory assurance rather than purely operational support.

What’s Driving Treasury Hiring Demand remains strong for senior and specialist treasury professionals, particularly those able to support cash, liquidity, funding and risk strategy within regulated financial services environments. Interim and project-based hiring has increased, driven by treasury transformation initiatives, TMS implementations and wider strategic change programmes. Hybrid working models have now largely standardised across UK financial services organisations, with flexibility often prioritised over rigid office attendance. Digital and technology capability continues to grow in importance, particularly across automation, data and the early application of AI within treasury operations. Where Hiring Remains Difficult Specialist treasury talent remains scarce in high-value areas such as Asset and Liability Management and TMS implementation expertise. Hiring processes are often slow and complex, leading to candidate attrition in a competitive market. Economic and regulatory uncertainty caused some financial services organisations to delay or pause hiring decisions, while increased candidate availability did not always translate into improved skill alignment, extending search timelines. Hiring Outlook Looking ahead to 2026, demand is expected to remain strong for technology-enabled treasury roles, particularly in cash forecasting, real-time data analytics and AI- supported decision-making. Interim hiring is likely to continue at pace, especially for TMS implementations, treasury transformation and M&A-related activity. By contrast, demand for lower-complexity treasury execution roles may moderate as automation reduces manual processing requirements. Advice to Hiring Managers Move proactively rather than reactively, particularly where treasury transformation, refinancing or M&A activity is anticipated. Secure internal sign-off before interviewing, limit processes to two or three stages, and provide feedback within 48 hours to avoid losing strong candidates. Be clear and realistic about hybrid working expectations within regulated environments, as inflexible mandates significantly reduce the available talent pool. Where appropriate, utilise interim support to deliver transformation or transaction- led work, and plan treasury hiring needs six to twelve months ahead to reduce the risk of reactive recruitment.

Salary Benchmarking Treasury & Risk

Perm

Job Title

Senior Treasury

Group Treasurer Head of Treasury / Treasury Director Deputy / Assistant Treasurer Head of ALM Head of Funding/Securitisation/Capital Markets Head of Treasury Operations

£200 £140,000 £110,000 £115,000 £130,000 £100,000

Senior Risk

£20 £160 £120

Chief Risk Officer Deputy Chief Risk Officer Head of Risk Head of Prudential Risk/Regulation

£110,000 £110,000 £120,000

Head of Credit Risk Head of Market Risk

Mid-Junior Treasury

Treasury Manager Treasury Accountant Treasury Analyst

£75,000 £75,000 £45,000

*Please be aware packages can vary dramatically, depending on the size and scale of quoted organisation. For more information, or to benchmark a specific role, please contact: victoria.karpinski@thejssgroup.com

Interim

anent

£1,200+ £700 - £1,000 £650 - £950 £600 - £800 £650 - £900 £500 - £650 £1,200+ £650 - £1,000 £600 - £900 £500 - £800 £500 - £750 £450 - £700

0,000+ 0 - £190,000 - £150,000 - £150,000 0 - £180,000 0 - £130,000

00,000+ 0,000+ 0,000+

0 - £180,000 0 - £140,000 0 - £150,000

0 - £105,000 0 - £100,000 0 - £65,000

£450 - £650 £500 - £800 £250 - £400

Market Update

Internal Audit, Risk and Compliance Governance

Tom Danaher

tom.danaher@thejssgroup.com

Ben Lochery

ben.lochery@thejssgroup.com

As we move through 2026, firms are still controlling budgets, but they are no longer standing still. Most hiring is being justified around one of four themes: regulatory delivery, operational resilience, technology/cyber oversight, or business change. That fits with the current regulatory agenda. The FCA’s 2025/26 work programme emphasises technology, data and financial crime, while the PRA’s 2025/26 plan keeps safety, soundness and resilience at the centre of supervision. The Bank of England has also continued to frame operational resilience as a live priority, including IT, cyber and third- party dependency risk.

Key Trends Hiring is selective, but specialist demand is strong

Generalist hiring remains measured, yet firms are still competing hard for people who can cover operational resilience, enterprise risk, technology risk, cyber risk, Consumer Duty, compliance advisory, and tech-enabled audit. The apparent contradiction in the market is real: candidate supply may be broader overall, but specialist supply is still tight. Internal audit is increasingly being hired for judgement, not just coverage Audit leaders are being asked to do more than complete audit plans. They are expected to provide assurance over resilience, technology, third parties, data, governance and culture. In the hiring market, that is translating into stronger demand for auditors who can engage credibly with first and second line stakeholders, especially in technology-heavy environments. AI is starting to affect profile requirements The issue is not that AI has replaced teams; it is that it is changing what “good” looks like. The FCA has made technology and data a visible theme of its work programme, and in 2025 launched an AI testing environment with Nvidia to help firms experiment safely. In hiring terms, that is pushing demand toward candidates who can combine control knowledge with data literacy, systems understanding and practical judgement over AI- related risk. Key Challenges The biggest challenge is still finding people with the right blend of technical depth and commercial judgement. Employers may feel they have more CV flow than two years ago, but much of that flow is not close enough to the brief. Compensation is the biggest hurdle for most employers with technical/regulatory capability and remote-working policy also significant barriers. In risk and compliance, employers similarly report widespread difficulty hiring the right people even in a more employer-led market. A second challenge is budget mismatch. Many firms want 2022-calibre hires on 2026 budgets. That works for broad mid-market generalist searches, but it breaks down quickly in specialist mandates, especially in technology risk, cyber, front-office advisory, and senior internal audit. Recruitment markets soften before compensation expectations do; the result is slower processes, aborted searches and more role redesign. A third challenge is process friction. Strong candidates still disengage when processes are too long, too vague or too risk-averse. This is especially true when the role requires them to leave a stable environment for a platform that cannot clearly articulate remit, sponsorship or progression. In today’s market, the best candidates are not necessarily taking more risks just because volumes are lower. They are often becoming more selective. That aligns with survey data showing remuneration remains the top motivator, but work-life balance, career development and hybrid working all materially shape decision-making. 31

2026 Forward View My view is that 2026 in London FS will be a disciplined hiring year, not a dormant one. Headcount growth is likely to stay targeted, but the regulatory and operating environment

should keep a floor under demand. The most likely growth areas are:

• Operational resilience and third-party risk • Technology / cyber risk and tech audit • Compliance advisory linked to Consumer Duty, governance and product oversight • Senior internal audit hires who can cover change, data, cyber and culture • Control roles with AI, data and automation fluency Two regulatory developments matter in particular. First, firms are now beyond the 31 March 2025 operational resilience deadline, so 2026 will be less about framework design and more about evidence, testing, assurance and remediation. That tends to sustain demand across first line, second line and audit. Second, the FCA’s non-financial misconduct regime is due to bite from 1 September 2026, with final guidance published in December 2025. That is likely to sharpen demand for compliance, governance, HR-risk interface skills and culturally credible audit/risk leaders, especially in insurers and asset managers where expectations are being more closely aligned with banks. The broader backdrop still argues for caution. The FCA’s December 2025 Regulatory Initiatives Grid lists 124 live initiatives over the following two years, even after a 13% reduction from the prior edition. That is still a substantial pipeline. So, while boards are under pressure to support growth and efficiency, the aggregate effect for control functions is not deregulation in any simple sense; it is more targeted demand for fewer, stronger people.

Advice for Hiring Managers Be precise about the problem you need the hire to solve. A vague brief like “strong risk manager” or “high-quality audit VP” will underperform in this market. The better brief is something like: “needs to stand up operational resilience testing across critical services,” or “must partner front office and legal on Consumer Duty/product governance,” or “needs credibility with engineering and security teams in tech audit.” Precision improves both attraction and assessment. Price specialist roles realistically. If the role needs a scarce mix of subject-matter expertise, stakeholder gravitas and delivery experience, it should not be benchmarked against a broad generalist median. This is particularly true in technology risk, cyber, sanctions/ financial crime-adjacent compliance, and IT audit. Market-wide salary guides continue to show meaningful premiums at the specialist end. Move faster than you think you need to. “Employer-led market” does not mean “candidate- indifferent market.” The best people still disappear quickly, especially when they are already employed and only mildly open. Tighten interview stages, align stakeholders early and communicate clearly after every step. Survey data across risk, compliance and audit all point to a market where hiring is possible, but getting the right person is still difficult. Do not underestimate flexibility. Hybrid policy is now one of the few non-cash levers that genuinely changes acceptance and retention outcomes. If your policy is materially tighter than peer firms, assume it is shrinking your candidate pool unless the brand, package or mission is exceptional. Finally, hire for trajectory as well as coverage. In 2026, the strongest teams will be the ones that mix proven operators with people who can adapt to AI, data-led control environments and increasingly cross-functional governance issues. The regulatory direction of travel points toward control functions that are more digital, more integrated and more evidence- led.

Salary Benchmarking Compliance

Job Title

SME Bank Base

Investme

Compliance Leadership

£190,000 – £300,000 £130,000 – £170,000 £120,000 – £160,000 £110,000 – £150,000 £120,000 – £150,000 £95,000 – £120,000 £75,000 – £100,000 £50,000 – £70,000 £110,000 – £140,000 £75,000 – £95,000 £60,000 – £80,000 £50,000 – £65,000 £90,000 – £120,000 £70,000 – £90,000 £55,000 – £70,000 £45,000 – £60,000

£200,000 £140,000 £130,000 £120,000 £130,000 – £100,000 – £85,000 – £55,000 – £120,000 – £80,000 – £65,000 – £55,000 – £100,000 – £75,000 – £60,000 – £50,000 –

Chief Compliance Officer (SMF16) Deputy Head of Compliance

Head of Compliance Compliance Director

Compliance Advisory

Head of Compliance Advisory Senior Compliance Advisory Manager

Compliance Advisory Manager Compliance Advisory Analyst

Compliance Monitoring

Head of Compliance Monitoring Compliance Monitoring Manager Compliance Monitoring Officer Compliance Monitoring Analyst

Compliance Monitoring

Senior Compliance Manager Compliance Manager

Compliance Officer Compliance Analyst

ent Mgmt Base

Insurance Base

Bonus

0 – £320,000 – £180,000 – £180,000 – 160,000 – £170,000 – £130,000 – £110,000 – £75,000

£180,000– £280,000 £125,000 – £170,000 £115,000 – £160,000 £110,000 – £150,000 £115,000– £150,000 £90,000 – £120,000 £70,000 – £95,000 £50,000 – £70,000 £105,000– £135,000 £70,000 – £95,000 £60,000 – £80,000 £50,000 – £65,000 £85,000– £115,000 £65,000 – £90,000 £55,000 – £70,000 £45,000 – £60,000

40–100% 30–70% 30–70% 30–60% 30–60% 25–50% 20–40% 10–25% 25–50% 20–40% 15–30% 10–25% 25–50% 20–40% 10–25% 10–20%

– £150,000 £105,000 £85,000 £70,000

– £130,000 £100,000

£75,000 £65,000

Salary Benchmarking Internal Audit

Job Title

SME Bank Base

Investment

Internal Audit Leadership

£170,000 – £240,000 £130,000 – £170,000 £120,000 – £160,000 £120,000 – £170,000 £100,000 – £130,000 £80,000 – £105,000 £65,000 – £85,000 £55,000 – £70,000 £40,000 – £55,000 £130,000 – £170,000 £95,000 – £120,000 £75,000 – £95,000 £120,000 – £170,000 £130,000 – £170,000 £110,000 – £140,000 £90,000 – £115,000 £75,000 – £95,000 £65,000 – £85,000 £50,000 – £65,000

£180,000 – £ £140,000 – £ £130,000 – £ £130,000 – 18 £105,000 – £1 £85,000 – £11 £70,000 – £9 £60,000 – £7 £45,000 – £6 £140,000 – £18 £100,000 – £13 £80,000 – £10 £130,000 – 180 £140,000 – £18 £120,000 – £15 £95,000 – £12 £80,000 – £10 £70,000 – £90 £55,000 – £70

Chief Internal Auditor / Head of Deputy Head of Internal Audit Internal Audit Director Head of Internal Audit (SME firms)

Internal Audit - Generalist

Internal Audit Senior Manager Internal Audit Manager Senior Internal Auditor Internal Auditor Internal Audit Analyst / Graduate

IT / Technology Audit

Head of IT Audit IT Audit Senior Manager

IT Audit Manager Senior IT Auditor IT Auditor IT Audit Analyst

Specialist Audit

Head of Cyber / Data / Change Audit Cyber / Technology Audit Manager Cyber / Data Auditor

t Mgmt Base

Insurance Base

Bonus

£250,000 £180,000 £170,000 80,000

£170,000– £240,000 £130,000 – £170,000 £120,000 – £160,000 £120,000 – £170,000 £95,000– £125,000 £75,000 – £100,000 £60,000 – £85,000 £55,000 – £70,000 £40,000 – £55,000 £130,000– £170,000 £90,000 – £115,000 £70,000 – £95,000 £120,000 – £170,000 £130,000– £170,000 £105,000 – £135,000 £85,000 – £110,000 £70,000 – £95,000 £65,000 – £85,000 £50,000 – £65,000

40–100% 30–70% 30–60% 30–70% 25–50% 20–40% 15–30% 10–25% 10–20% 30–70% 25–50% 20–40% 15–30% 10–25% 10–20%

135,000 10,000

90,000 75,000 60,000 80,000 50,000 25,000 00,000

0,000 0,000

80,000 30,000 00,000 0,000

30–70% 20–40% 15–30%

Salary Benchmarking Financial Crime

Job Title

SME Bank Base

Investment

Financial Crime Leadership

£150,000 – £220,000 £120,000 – £160,000 £120,000 – £160,000 £110,000 – £150,000 £110,000 – £150,000 £90,000 – £120,000 £75,000 – £95,000 £60,000 – £80,000 £45,000 – £65,000 £120,000 – £160,000 £95,000 – £120,000 £80,000 – £100,000 £50,000 – £70,000 £45,000 – £65,000

£125,000 – £17 £100,000 – £13 £85,000 – £110 £55,000 – £75 £120,000 – £1 £95,000 – £12 £80,000 – £10 £65,000 – £8 £50,000 – £7 £160,000 – £ £130,000 – £ £130,000 – £ £120,000 – 16

MLRO (SMF17) Deputy MLRO

Head of Financial Crime Financial Crime Director

AML / Investigations

Head of AML / Investigations Senior AML Mgr / Investigations Mgr AML Manager AML Investigator AML Analyst / Transaction Monitoring

Sanctions

Head of Sanctions Sanctions Senior Manager

Sanctions Manager Sanctions Analyst

t Mgmt Base

Insurance Base

Bonus

£230,000 £170,000 £170,000 60,000 160,000 25,000 00,000 85,000 70,000

£115,000 – £155,000 £90,000 – £120,000 £75,000 – £100,000 £50,000 – £70,000 £105,000– £145,000 £85,000 – £115,000 £70,000 – £95,000 £60,000 – £75,000 £45,000 – £65,000 £140,000– £200,000 £115,000 – £160,000 £115,000 – £160,000 £105,000 – £150,000

40–100% 30–70% 30–70% 30–60% 30–60% 25–50% 20–40% 15–30% 10–20% 30–70% 25–50% 20–40% 10–25%

70,000 30,000

0,000 5,000

Salary Benchmarking Financial Crime

Job Title

SME Bank Base

Investment

Financial Crime Advisory

£120,000 – £150,000 £90,000 – £120,000 £75,000 – £95,000 £50,000 – £70,000 £110,000 – £150,000 £80,000 – £105,000 £60,000 – £80,000 £45,000 – £60,000 £100,000 – £140,000 £85,000 – £110,000 £70,000 – £90,000 £50,000 – £70,000 £40,000 – £55,000

£105,000 – £14 £90,000 – £115 £75,000 – £95 £55,000 – £75 £45,000 – £60 £110,000 – £15 £80,000 – £10 £60,000 – £8 £45,000 – £6 £130,000 – £ £100,000 – £ £85,000 – £1 £55,000 – £7

Head of Financial Crime Advisory Financial Crime Senior Manager

Financial Crime Manager Financial Crime Analyst

Fraud

Head of Fraud Fraud Manager Fraud Investigator Fraud Analyst

KYC / CDD

Head of KYC / Client Due Diligence KYC Senior Manager

KYC Manager KYC Associate KYC Analyst

t Mgmt Base

Insurance Base

Bonus

£170,000 £130,000

£95,000 – £135,000 £80,000 – £105,000 £65,000 – £90,000 £50,000 – £70,000 £40,000 – £55,000 £105,000 – £145,000 £75,000 – £100,000 £55,000 – £75,000 £45,000 – £60,000 £115,000– £150,000 £85,000 – £120,000 £70,000 – £95,000 £50,000 – £70,000

30–60% 25–50% 20–40% 10–25% 30–60% 20–40% 15–30% 10–20% 25–50% 20–40% 20–40% 10–25% 10–20%

110,000 75,000

45,000 5,000 5,000 5,000 0,000 50,000 05,000 80,000 60,000

Salary Benchmarking Risk

Job Title

SME Bank Base

Investmen

Enterprise Risk Chief Risk Officer (CRO) Deputy CRO / Head of Risk Enterprise Risk Director Senior Enterprise Risk Manager

£200,000 – £160,000 – £140,000 – £110,000 – £ £90,000 – £ £55,000 – £ £135,000 – £105,000 – £85,000 – £ £55,000 – £ £145,000 – £150,000 – £110,000 – £ £90,000 – £ £60,000 – £

£180,000 – £250,000 £150,000 – £210,000 £130,000 – £170,000 £100,000 – £135,000 £80,000 – £105,000 £50,000 – £70,000 £125,000 – £160,000 £100,000 – £120,000 £80,000 – £100,000 £50,000 – £70,000 £135,000 – £170,000 £140,000 – £180,000 £100,000 – £130,000 £85,000 – £110,000 £55,000 – £75,000

Enterprise Risk Manager Enterprise Risk Analyst

Operational Risk

Head of Operational Risk Senior Operational Risk Manager

Operational Risk Manager Operational Risk Analyst

Technology

Head of Technology Risk Cyber Risk Director Technology Risk Senior Manager IT Risk Manager Technology Risk Analyst

nt Mgmt Base

Insurance Base

Bonus

– £300,000 £220,000 £180,000

£200,000 – £320,000 £160,000 – £230,000 £135,000 – £180,000 £95,000 – £130,000 £75,000 – £105,000 £50,000 – £70,000 £120,000 – £160,000 £95,000 – £120,000 £75,000 - £100,000 £50,000 – £70,000 £130,000 – £170,000 £140,000 – £190,000 £95,000 – £125,000 £80,000 – £110,000 £55,000 – £75,000

50–120% 40–80% 30–70% 25–50% 20–40% 10–25% 30–70% 25–50% 20–40% 10–25% 30–70% 30–80% 25–50% 20–40% 10–25%

£145,000 £115,000 £75,000

£170,000 – £130,000

£110,000 £75,000

£190,000 £200,000 £140,000 £120,000 £80,000

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