Hiring a Head of Compliance (PCF-12) in Ireland
The Head of Compliance is often the first PCF a regulated firm hires after the CEO, and one of the hardest to get right. This guide covers what to look for, what it costs and how long it takes.
What good looks like
The strongest Heads of Compliance in regulated FinTech have:
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Direct Central Bank experience: inspections, remediation, supervisory engagement or an authorisation.
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A record of building a compliance framework, not only running one.
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Credibility with the board, and the confidence to challenge the business.
Many firms also ask for a professional qualification, typically LCI or FCI.
Should the Head of Compliance also be the MLRO?
In smaller EMIs and payment institutions the two are often combined.
Pay
Base salary in Irish FinTech typically ranges from €120,000 to €220,000, with a typical figure of around €150,000. Bonus is usually 10% to 25% of base. The range covers the middle 90% of hires. Licence type, scale, scope and prior PCF approval in the same role all move it. For a figure specific to your firm, talk to Paul. Salary Guide
Timeline and approval
No one can perform a PCF role until the Central Bank has given its prior written approval. The process runs on an online Individual Questionnaire, endorsed by your firm, and the Central Bank may ask for more information, including an interview. Allow around three months from engaging a search to contracts signed and notice handed in, with approval running alongside the notice period.
If the seat is empty now
A Temporary Officer can provide cover. Where the role has been vacated permanently, your PCF application for the permanent appointment is due within 3 months. Nexus Search runs the interim and permanent searches side by side.
Recent Head of Compliance appointments
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Head of Compliance and MLRO for a US digital assets exchange's EU entity
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Head of Compliance for a UK FinTech's newly authorised Irish EMI
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Head of Compliance and MLRO for a payment institution