Compliance Consultant [Wealth Management]
Role
To act as the Compliance team’s main point of contact with the Wealth Management team and implement the risk-based compliance monitoring programme as it relates to wealth management and the handling of day to day wealth management queries, ensuring that customer service and fair treatment practices of the Group are at the forefront of investment activity.
Responsibilities
- To advise on wealth management and regulatory issues and handle day to day queries across the Group. In particular, liaise closely with the Wealth Management team to:
o advise on wealth management issues;
o contribute to the development and enhancement of wealth management processes, procedures and documentation impacted by regulatory considerations; and
o undertake wealth management advice monitoring and other wealth management and related monitoring/compliance policy work.
- To manage the prompt, efficient and fair handling of wealth management complaints in accordance with the Group’s complaint handling procedures.
- To conduct file monitoring to assess advice files against the standards of suitability and other compliance issues in accordance with the risk-based assessment programme.
- To approve wealth management changes to standard customer agreements.
- To review and follow up specific wealth management compliance monitoring exercises.
- To undertake personally higher level monitoring in key risk areas, liaising with senior management as necessary.
- To assist the Head of Compliance to review the compliance registers (e.g. Rule breaches, PA dealing and complaints) related to Wealth Management, identifying any worrying trends and suggesting remedial action as necessary.
- To advise on the implications of new wealth management rules, guidance and regulatory requirements for the Group’s business.
- To assist in the delivery of wealth management compliance training across the Group.
- To attend and contribute to Wealth Management ‘Best Practice Committee’ or other compliance clinics and review risk/compliance issues with individual line managers on a regular basis.
- To act as the adjudicator for appeals made by Wealth management adviser against file assessment results.
- To assist in the update of the Compliance Manual.
- In the absence of other Compliance staff, handle money laundering queries and referrals, referring to the Head of Compliance as necessary.
- To represent the Group at external Compliance discussion groups, as required.
- To advise upon the wealth management regulatory requirements and contribute towards new agreements or other materials, for the development of new wealth management services, liaising with the Wealth Management as necessary.
- To report promptly to the Group’s Money Laundering Reporting Officer any known or suspected money laundering activities or other financial crime by the firm’s clients or prospects (or by the person on whose behalf the client/prospect is acting).
- To act in an ethical way at all times. To act in accordance with the Group’s operating and compliance procedures at all times and to bring any potential or actual breaches to the immediate attention of the Head of Compliance.
Core Competencies
Technical – Skills specific to the role of Compliance Consultant (Wealth Management)
- Thoroughly conversant with the FCA Rules and associated guidance, the approach of the Financial Ombudsman Service and EU Directives affecting the financial services industry, specifically as these relate to wealth management compliance
- Keeps abreast of the FCA’s current thinking and its requirements and expectations regarding investment compliance in a wealth management business, particularly in respect of the FCA’s Treating Customers Fairly principles and principles-based regulation.
- Regarded as an investment compliance ‘expert’ for the Group in his/her own field
Analytical and Reasoning – The ability to define, process and solve work related problem
- Understands complex business and regulatory concepts and is able to anticipate and identify key issues and problems and bring them to the attention of the Head of Compliance, as necessary
- Can question and probe to get to the crux of an issue quickly and accurately
- Develops recommendations based on detailed research and analysis combined with a thorough understanding of both the regulatory obligations and commercial context
Commercial Awareness – Understanding how the company operates, its services, markets and strategy; the ability to think and act commercially for the Group
- Has a thorough understanding of the commercial strategy of the Group and ensures that his/her work complements and supports it
- Ensures that the work undertaken is done to a consistently excellent standard
- Is able to provide advice and devise effective control processes and monitoring activities to ensure that Group’s exposure to regulatory and opational risk is minimised
Personal Impact – The ability to project and present a professional image and communicate effectively
- Has clear and effective verbal and written communication skills and is able to present complex regulatory and compliance concepts to a wide range of audiences, adjusting language and material to ensure thorough understanding
- Is a skilled and active listener, who checks understanding when necessary
- Gains and maintains the confidence of staff including senior management as a compliance expert who understands the commercial context in which decisions need to be made and actions taken
- Consistently applies attention to detail and ensures high quality and accurate output
- Presents him/herself as a confident and competent professional, both internally and externally
Client Care – The ability to define and respond appropriately to Compliance function ‘users’
- Anticipates demands on time and is always responsive
- Constantly seeks better ways of doing things to improve service delivery and to increase the efficiency and productivity
- Takes time to understand enquirers’ issues and seeks to reflect these in finding an appropriate solution to meet their expectations whilst upholding compliance standards
- Proactively seeks to establish, build and develop relationships with ‘user’ departments across the Group, including assisting them to understand the FCA’s requirements in terms of customer fairness
Group Contribution – The ability to contribute to the development of the business as an individual, as a senior team member and as a leader
- Contributes to the Group’s strategic development as a member of various working groups and committees and represents it on various external compliance bodies
- Delivers a consistently excellent advisory and monitoring service to senior management
- Demonstrates enthusiasm, a sense of commitment and desire to excel
- Responds to requirements brought about by change to the organisational structure and processes
Planning and Organising – The ability to plan and organise the work of self and others to meet goals and objectives
- Demonstrates a proactive approach to planning, predicting likely workflow patterns and taking positive action to manage them
- Is successfully able to handle multiple demands and conflicting priorities
- Ensures that detailed records are kept of work carried out
Motivation and Values – The personal motivators and values that impact on performance
- Is confident and optimistic, viewing problems and challenges as opportunities
- Copes well with risk and decisions are underpinned with rational thinking processes and sound assessments
- Has high standards of professional and personal integrity and honesty
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