Regulate the UK Financial Services Sector? Work at Board Level? - London
£35k to £80k base + benefits
Our client is an independent body that regulates the financial services industry in the UK. They have been given a wide range of rule-making, investigatory and enforcement powers in order to meet their four
statutory objectives:
1. Market confidence: maintaining confidence in the financial system
2. Public awareness: promoting public understanding of the financial system
3. Consumer protection: securing the appropriate degree of protection for consumers
4. Reduction of financial crime: reducing the extent to which it is possible for a business to be used for a purpose connected with financial crime.
Retail Firms Division ("RFD") supervises about a wide range of mid-market retail firms spanning building societies, life and general insurance, banking, fund management, stockbroking, and financial advice.
At a critical time for the UK's financial sector the Retail Firms Division (RFD) is looking to recruit a number of Regulatory Grade C Associates. These roles are critical to the success of the teams supervising the firms. They offer the opportunity to influence a firm's senior management to focus and deal with risks on their agenda and to deliver better outcomes for consumers.
• Taking an outcomes-based, focused and more interventionist approach to managing the relationships with these firms they will:
• Challenge firms to be well governed, financially sound and to effectively manage the risks inherent in their business models and markets
• Focus on consumer outcomes and seek to ensure firms adhere to our conduct principles and treat their customers fairly
• Act to prevent and deter regulated firms and other market participants from engaging in or facilitating financial crime.
Opportunities to work in supervisory teams in RFD have arisen in the Building Societies Department (BSD), Asset Mangers and Advisors Department (AMAD), the Insurance Department (ID) and Banks,
Spreadbetters and Mortgages Department (BSM). BSD is responsible for the supervision of 51 building societies, 8 of which are high impact. AMAD supervises a wide ranging portfolio of asset managers, including CIS operators, discretionary investment managers and private client investment managers, IFAs, IFA networks and general insurance intermediaries. ID supervises a wide range of mid-market life and general insurers ranging from household names such as Liverpool Victoria and Royal London through to smaller friendly societies and general insurance operations. BSM supervises a wide range of very small to mid-market retails banks, spreadbetters, mortgage intermediaries and mortgage lenders.
What does this job involve ?
Supporting the delivery of our clients objectives through the supervision of a firm or group of firms (as defined by the Relationship Manager (RM)). Owns part of the relationship as defined by the RM
e.g. a particular division of a High Impact Firm or one or more other relationship managed firms in the RM's portfolio. Complying with all FSA internal and regulatory processes including documenting and establishing audit trails as required. Complying with the FSA Conduct Principles. Establishing and maintaining strong relationships with senior management at a wide range of firms, both nationally and internationally. Working with other team members, undertake or lead risk assessments, using ARROW, and develop, implement and monitor risk mitigation programmes. Undertake other supervisory work as defined by the RM. Developing in-depth knowledge and understanding of the FSA handbook rules and principles applicable to the firm you supervise. May involve providing expertise to more junior members of staff.
Which Essential & Desirable skills are required?
1. Strong written and verbal communication skills.
2. Strong interpersonal skills - able to build and maintain relationships with senior contacts at firms and our client’s colleagues and challenge where appropriate.
3. Ability to present yourself and our client in a professional and credible manner.
4. Ability to balance and manage competing priorities, working independently and in a team.
5. Willingness to learn and develop, taking on new responsibilities and adopting a flexible pragmatic approach to your work.
6. Teamwork - you will work actively with others to deliver outcomes, achieving tasks and proactively offering your help to colleagues.
7. Technical Skills
8. Strong analytical skills - able to analyse large amounts of complex information, identify and present key issues and solutions.
9. Strong financial analysis skills - ability to critically examine and interpret financial statements.
10. Strong numerical skills.
11.Risk management - using nouse, knowledge and experience, you must be able to make principles based outcomes in your work.
We are looking for high calibre professionals.
You may already be working in financial services and have a good understanding of the FSA's prudential approach to supervising firms. You are likely to have experience of finance, audit, risk management or other business control function. We are also keen to hear from people with no previous exposure to financial services but who have a capacity to learn quickly and the intellectual breadth and motivation to meet our challenging requirements. Our clent’s induction and on-going training and development programmes can equip you with the framework to apply your business acumen. Candidates will get the chance to deal with Board Level people at Top Banks and Building Socities and need to demonstrate skills in due diligence and governance.
Regulatory Knowledge
• Good understanding of supervision and the principles based approach to regulation.
• Good understanding of the financial services market.
• Good understanding of business and regulatory risks includi g those detailed in Financial Risk
• Outlook (FRO) and International Risk Outlook (IRO)
• Training and support will be provided to help new supervisors gain a thorough understanding of regulation but candidates are expected to have a broad understanding of the above.
What will I get from the role ?
• Comprehensive training and ongoing learning and development opportunities. We will provide a significant training programme and induction during your first few months.
• A unique insight across markets and the financial services industry.
• The ability to put analytical, problem solving and professional skills into practice.
• The opportunity to develop and build relationships with senior executives and a wide range of financial institutions and the opportunity to represent the FSA to them.
• Experience of supervising firms of varying size and quality through ARROW assessments, thematic work, baseline monitoring and dealing with crystallised risks.
• The opportunity to make a real difference in the financial services industry by changing behaviour infirms to improve outcomes for wholesale markets.
• Working in a varied and intellectually challenging environment with opportunities to further develop your career.
In order to apply, please email rakesh@consultingpoint.co.uk your word version CV and write me a covering letter in word format to include all the items below
1.Current Employer
2.Current Position
3.Details of current/last salary and list of all benefits and bonus and share schemes
4.Details of desired salary
5.Notice period
6.Nationality and Visa Status
7.Home location (City name with Post Code)
8.List all Industry sectors you have worked in
9.Summary of Core Skills cross checked with the job description above
10.List all your Unique Selling Points (USPs)
11.Details of which companies you have sent your CV to and which companies you are currently interviewing with and at what interview stage (1st, 2nd, 3rd, Final Interview etc)
NB: Consulting Point is acting as an Employment Agency in relation to this vacancy
