This position is an overview role of both the daily running of the Compliance and Training / Competency department of a well established IFA.
There is support behind these departments who will be able to carry out specific individual tasks within, but the successful candidate would be able to carry out the underlying tasks as well as have an overview feeding back into the Sales Manager, Directors and Compliance oversight.
They have a qualified team of advisers who specialise in all areas of financial planning, for both private and corporate clients.
To discuss the role in confidence please contact Clever-HR. For more information here is an overview of the position and its varied responsibilities:
Training and Competency - Policies and procedures
- Understand and maintain knowledge of the regulatory environment and translate the requirements into practical and effective T&C policy and procedures
- Implement methods for monitoring and controlling T&C activities
- Oversee the keeping of accurate and comprehensive records of T&C activities both centrally and within the business areas
- Ensure all regular monitoring and reporting processes are completed accurately and on time. Provide senior management with the appropriate information to allow them to manage people risk
Senior Managers & Certification Regime (SM&CR)
- Understand and maintain knowledge of the regulatory requirements related to the SM&CR and translate requirements into practical and effective SM&CR policy and procedures.
- Oversee the certification activities necessary for all certified persons and ensure that these are completed in an accurate and timely manner and that team members are appropriately certified for the activities they carry out
- Manage internal and external data records including updates to internal HR systems and FCA directory updates
- Assist with the management of the annual recertification process
- Assist the Training & Competence Services Manager with oversight of the Senior Managers Regime including drafting of and updating relevant documentation
- Produce regular reports on competence and professional standards for the regulator, and within the timescales prescribed
- Understand and maintain knowledge of the regulatory requirements for competence, communicating them in a manner to ensure the business understands the requirements
- Oversee the procedures supporting the measurement of competence within business areas ensuring that they are accurately and comprehensively carried out and that appropriate records are kept
- Support the business with continuing professional development and the achievement of professional qualifications and provide practical guidance regarding what is required.
- Demonstrate a thorough understanding of and oversee the achievement of Statements of Professional Standing, Fit & Proper Standards and CPD requirements
- In conjunction with HR and line management, ensure that any instances of under-performance are effectively managed
Training & Development
- Ensure training & development needs are appropriately identified. Implement practical and effective training solutions, measuring and reporting on the return on investment, which will also involve putting together and carrying out training plans for new advisers
- Manage the provision of appropriate continuing professional development activities via the CPD programme, ensuring that it is accessible to and meets the needs of all team members
- Attending and observing client meetings with advisers and trainee advisers
- Review, assess and feedback on potential advice that will be presented to clients
- Proven T&C and/or SM & CR experience at manager level, ideally within a Compliance Function
- Experience of working in an FCA regulated financial planning environment
- Ability to develop effective working relationships at all levels across the Group and with senior management
- Ability to think commercially and apply knowledge pragmatically
- Has relevant qualifications an experience to discuss and assess advisor recommendations
Compliance Manager overview - Roles and responsibilities
- Provide guidance and challenge to 1st line business areas to ensure regulatory expectations are being met
- Produce high quality reports to Senior Management to highlight key risks and issues with suitable solutions
- Actively engage with senior staff to gain a good understanding of the business
- Ensure compliance with internal and external (regulatory) requirements
- To attend relevant committee, steering and senior management meetings during the year as necessary to be aware of ongoing, new and emerging business risks
- Support and/or lead key projects to ensure key regulatory changes are implemented successful
Key areas to be covered
- Update the Compliance oversight with any potential issues for recommendations that have been carried out.
- Update the Compliance oversight on any changes to legislation that will impact the business.
- Produce and discuss trend analysis reports produced by the Compliance team with Compliance Oversight
- Organise, completed required work for any regulatory reviews. Also complete any follow up work required and organise any required training for staff.
- Ensure that all required compliance tasks are completed throughout the year and documented appropriately
- Review, organise and administer the centralised investment proposition
- Review the systems and controls of the business. If changes are required implement and organise training on these changes.
- Be a point of contact for queries raised by the compliance team, financial advisers, support staff, other managers, and the group (if required).
Essential Skills and Competencies:
- Detailed understanding of regulatory rules and standards relative to the company
- A self-starter who embraces responsibility and can manage own time
- Ability to identify and report (internally) significant issues
- Ability to articulate clearly (verbally and in writing) views, opinions and conclusions reached resulting from monitoring against FCA standards;
- Ability to provide adequate challenge at all levels;
- Ability to recognise and score compliance risk, adjusting the intensity of compliance monitoring as appropriate;
- Strong analytical skills;
- An excellent communicator, able to build key relationships both internally and externally;
- Ideally educated to a minimum A-level standard; and/or
- Relevant professional qualifications or willingness to take.
- Ability to interpret regulatory rules and guidance
- Ability to assess whether the application of regulatory rules and standards is appropriate.
Regulatory Knowledge to ideally include:
- Conduct of Business rules: (CONC); (MCOB); (ICOB)
- FCA Principles for Business (PRIN)
- FCA TCF outcomes
- Senior Management Arrangements, Systems and Controls (SYSC)
- Training and Competence (T&C)
- Complaint Handling (DISP)
- Approved Persons regime (APER)
- Data Protection Act (DPA)
- Conduct Risk