The Role

We are looking to recruit a talented Associate with experience of the regulatory environment, particularly in relation to insurance. You’ll help ensure authorisation functions provide firms with a coherent and consistent regulatory journey.

The insurance sector continues to evolve in response to technological innovation, changing market dynamics and increasing customer demands. Your role will be to lead and support assessments against the Threshold Conditions, thereby identifying and mitigating the Risks of Harm that manifest in applicant insurers, especially from a Conduct perspective.

You will be working on complex and high profile assessments. Your engagement with stakeholders in the FCA and PRA will be extensive and you will need to escalate matters regularly and influence firms and stakeholders well.

What does the role involve? What are the key responsibilities?

  • Progressing and assessing your own portfolio of applications for authorisation and/or variations of permission, taking responsibility for making recommendations for decision on applications in a timely manner.
  • Leading strategies to deal with complex or novel firm issues, recommending the most appropriate course of action.
  • Leading meetings with firms, educating them on their regulatory responsibilities and delivering difficult messages constructively and effectively.
  • Effectively managing internal and external stakeholder relationships to ensure timely and appropriate decisions are made.
  • Escalating risks, issues and other points of note (e.g. trends) in a timely manner.
  • Participating in departmental projects that impact Authorisations and the FCA as a whole.
  • Promoting a culture of continuous improvement and efficiency gains.
  • What will the candidate get from the role?

    Working in the Insurance team and Retail department, you will benefit from:

  • Having the chance to work in an influential, fast-paced and intellectually-challenging environment, within a supportive and friendly team and department.
  • Make a contribution to the aims of the FCA to protect consumers and reduce harm.
  • Undertake interesting, challenging and rewarding work, helping the FCA to add public value and deliver its operational objectives.
  • Have the opportunity to shape the future of the FCA and Authorisations.
  • Build relationships beyond your direct team through regular contact with external stakeholders and internally with other teams, departments and senior management within the FCA.
  • Be encouraged to share your knowledge within an environment of excellence and continuous learning.
  • Skills/Experience Required

    Minimum  
    We’re a signatory to the Government’s Disability Confident scheme. This means that we will offer an interview to disabled candidates entering under the scheme, should they meet the minimum criteria for a role. A minimum criterion needs to be measurable from reviewing a candidate’s CV. Exceptions may apply if due to the volume of applications we are not able to interview all eligible candidates who qualify under the scheme.

  • Experience of the UK regulatory framework.
  • Experience of the UK insurance sector.
  • Essential

  • Experience of managing portfolios or casework (this could have been in a variety of environments for example regulatory, financial services, civil service, legal, project and/or relationship management).
  • Experience of analysing information and large volumes of data, identifying key risks, making judgements and presenting key issues and recommendations to management.
  • Proven experience of building and managing relationships with stakeholders at all levels, including senior management.
  • Strong report writing, communication and reviewing skills, with an ability to articulate complex issues concisely. 
  • A practical understanding of the regulatory framework and understanding of conduct risk, consumer behaviour and the drivers of poor consumer outcomes.
  • Ability to solve complex issues and make timely risk-based decisions with clear justification, putting an appropriate strategy in place to manage cases.
  • Strong communication and stakeholder management skills – ability to influence internal and external stakeholders including senior management at both firms and the FCA.
  • Proven organisational ability – the ability to balance and manage a variety of competing tasks and issues.
  • A strong team player with the ability to be flexible and pragmatic.
  • Ability to adapt to changing circumstances, positively embracing new approaches and role modelling this behaviour to encourage others.
  • Ability to work under pressure and prioritise to meet service standards, targets and deadlines.
  • Self-motivated and results driven, able to work independently.
  • Proven experience of delivering continuous improvement through applying basic project management skills and delivering through others.
  • Desirable

  • Strong background of working within the UK insurance industry, likely to be from a regulatory, risk management or compliance background.
  • About the FCA

    At the FCA, we’re creating a fair and more resilient financial system. We’re establishing more transparent relationships between financial services and their customers, building trust in financial markets and protecting vulnerable consumers.

    Divisional Information

    Our division is the first point of entry for firms and individuals entering the financial services industry and is responsible for protecting consumers by ensuring that firms who do not meet the required standard cannot enter the financial services market.

    The team assesses applications for authorisation, variation of permission and transfers of business from insurers. For insurance applications, the team form part of the New Insurer Start-up Unit (see https://www.bankofengland.co.uk/prudential-regulation/new-insurer-start-up-unit) which is a joint venture between the FCA and the PRA.

    Our work also involves a number of Brexit-related applications from existing retail and wholesale insurers, creating a unique opportunity to assess these firms at the gateway.

    The applications that we deal with are high profile and often very complex. Our assessment is focused on whether the applicant meets the Threshold Conditions in consideration of the FCA’s overall objectives.

    The team leads on the assessment of these applications for the FCA and we liaise with a range of internal stakeholders in deciding whether or not to provide the FCA’s consent for the PRA to authorise the firm.

    The FCA’s Values & Diversity

    Our ambition is to create a diverse and inclusive workplace that reflects the society we serve, helping us to be a better regulator.

    As an inclusive employer, we are open to considering flexible working arrangements. Please contact our recruiter if you wish to apply for this role on a flexible basis.

    Useful Information

  • The job family for this role is REG B
  • The salary range will be £30,000 to £40,000 plus a competitive benefits package and non-contributory pension
  • Applications close on Thursday 4th February 2021.  We strongly advise you to submit your application in advance of this deadline as the role may close earlier than advertised without warning.
  • Selection process  (subject to change)

    Stage 1: On-line application, please submit your CV

    Stage 2: Screening – your application will then be forwarded to the recruiting manager

    Stage 3: Selection & assessment process will consist of one or more technical case studies, a role play and competency based interview.

    If you would like to know more about this role, please contact Aaisha Sheikh on [email protected] or for internal applications please contact Michael Boer.

    Please note Applications must be submitted through our online portal. Applications sent via email will not be accepted.

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