Regulatory Specialist recruitment
About This Role
Friends Life brings together over 200 years of experience in looking after our customers. We offer a wide range of products for individual customers, commercial businesses and other institutions. We provide pensions, investments and insurance to 5 million customers around the world.
Be part of this newly formed, expanding team, where you will have a pivotal role, to assist the Compliance Technical Manager and International Compliance Technical Manager, in delivering an effective "2nd line of defence" model. Key responsibilities will include - ensuring that regulatory risks are identified and reported through all activities of FPI (OLAB, fpb) and preparing internal MI for the Compliance Function as a whole (such as required for RMP, BRCC, Board), to maintain a regulatory contact log and to submit regulatory returns.
Responsibilities
Policy
To support through specialist technical knowledge, the Compliance Technical Manager and MI Monitoring Analyst in maintaining oversight of all FPI (FPIL and OLAB) activities to ensure that the Compliance Framework is appropriately rolled out and maintained to support the subsidiary business in meeting the FPIL and OLAB regulatory expectations (such as supporting meetings with local regulators).
Actively contribute to development of compliance policy and standards. Follow existing policy in providing support to the business without oversight.
Monitors/Controls
- To assist in the preparation of internal MI for the Compliance Function as a whole (such as required for RMP, BRCC, Board etc) by ensuring that the MI requests are submitted and the data received on time.
- Represent FPI Compliance in working parties and design forums.
- Conduct monitoring activities that reflect the monitoring programme across all aspects of FPIL and OLAB, with specific responsibility for technical business units.
- dentify and analyse any risks / issues in the control infrastructure, considering at all times the needs of the business and the customer (internal and external).
- Provides support and compliance guidance to projects and working parties in relation to new products and initiatives.
- Provides interpretation and advice on more complex queries and sign-offs as required, using knowledge of the rules to identify the impact for the business and formulate a response.
Advice
- Provides support to relevant business divisions to ensure that appropriate remedial action is taken in respect of the breaches identified (e.g. Escalations and compliance concerns), monitoring agreed actions to closure.
- Produce accurate, timely and well presented monitoring reports and other communications for senior management.
- Gain commitment from the business to address any regulatory shortcomings and raise standards of compliance and to develop and maintain good relationship management with designated areas of FPI.
- Takes regulatory and legislative changes into account when providing guidance on existing projects or when providing specific guidance on any new process or system changes that may be required to take account of new requirements
- To be a subject mater expert (SME) in selected jurisdictional, product and technical areas.
Development/Management
- To actively manage own development.
- To lead, as necessary, teams of Monitoring Specialists/Analysts during larger monitoring assignments.
- Share specialist compliance knowledge with colleagues across the compliance function, supporting less experienced colleagues as required.
Relationship Management
- Develop and maintain effective relationships and liaise with internal and external customer including 3rd parties and other FPI business units if required.
- Communication with staff at all levels regarding regulatory or legislative change which affects business operations providing clear and timely guidance.
Regulatory Knowledge
- Keep up to date with changes in regulation which are relevant to the role.
- Appreciate the impact of regulatory change to the business.
- To be a subject matter expert in areas of regulation as allocated.
Knowledge, Skills and Experience
- A professional qualification will be expected for this role.
- Experience in a similar role.
- Good business understanding and knowledge of the Life industry.
- Good understanding of appropriate international regulatory requirements, including treating customers fairly.
- Experience of anti-money laundering and other financial crime regulations.
- Ability to work closely with others to achieve results.
- Technical knowledge and existing experience of the following: FSA Handbooks (COB, SYSC and COMP) Regulatory requirements of IOM, HK, Singapore, UAE and Europe which apply to the selling and the operational aspects of the Company’s business.
- Capable of interpreting legal and regulatory documents and adopting a pragmatic approach in ensuring FPIL and OLAB have in place systems and controls which meet the expectations of these documents as set down by regulatory bodies or where relevant industry standards.
- Good understanding of risk management and controls.
- Strong oral and written communication skills.
What will you get from this role?
- Salary of up to £43,200 per annum depending on experience.
- Annual performance related pay review and bonus.
- Defined contribution pension scheme.
- 25 days holiday per annum.
Additional Information
We prefer all applications to be submitted online. If you require an alternative method of applying, please contact Johanna Polzmann from the Resourcing team on 0117 928 5480 or johanna.polzmann@friendslife.co.uk