Senior Compliance Analyst
||£35,000 to £37,000 Per Annum
Contact Scott Cook to talk about this role on 01206 656077
Just Recruitment are working in partnership with a specialist Insurance services organisation in order to fulfil several key vacancies within the business.Due to continued growth, they have a new opening on their compliance team for a Senior Compliance Analyst.
This role will be well suited to a compliance professional with direct insurance experience, most preferably within the retail market. The role offers a fantastic opportunity to join a company that can offer real potential for career progression.
Primary purpose of role:
To work with the compliance team to deliver, maintain and comply with the clients regulatory compliance framework.
To provide guidance, support and advice to the business including the Intermediary Services’ network of Appointed Representatives on compliance matters.
- Assist with the successful implementation and monitoring of the client’s compliance monitoring plan (CMP);
- Assist with regular oversight of the client’s existing and growing network of Appointed Representatives (AR’s);
- Support the Assistant Compliance Manager on compliance projects;
- Assist with the launch of new AR’s undertake due diligence, review policies and procedures and assist with the updating of the client’s internal policies and procedures;
- Make accurate and timely applications on the FCA’s Connect system and assisting with the administration of the regulatory RMAR reporting;
- Review financial promotions in line with ICOBS rules and review customer journeys for AR’s in the launch phase and subsequent trading phase.
- Deliver a proactive approach to help and support the Assistant Compliance Manager and the compliance team;
- Undertake relevant due diligence on new clients and participate in compliance monitoring visits;
- Assist with preparing board reports for each AR and client’s compliance board meetings;
- Review Insurer audit reports and draw recommended remedial actions to the AR.
- Recognises and escalates significant compliance issues to the Assistant Compliance Manager.
- To work closely with the Assistant Compliance Manager
- Compliance Manager
- CEO Intermediary Services
- Finance Director, other controlled function Directors
- Legal Counsel and Compliance Analysts.
To build strong relationships with the key stakeholders, including CEO’s, Directors and Managers of the client’s Appointed Representatives.
To work closely with the FCA, FOS, Lloyd’s of London and other useful organisations such as MGAA and BIBA.
Essential Qualifications / Desirable Experience:
- At least 2 years’ work experience in a compliance function or within the general insurance sector.
- Good understanding and working knowledge of current compliance practices & techniques including regulatory rules and how changes affect the wholesale and retail market (retail market experience is preferable).
- Experience in reviewing financial promotions
- An understanding of the regulatory framework for appointed representative model.
- Experience of working on multiple compliance/regulatory tasks in a fast-moving environment.
- Working towards, or prepared to work towards, a relevant qualification such as the Chartered Insurance Institute (CII) qualification.Generic Knowledge / Skills:
- Strong organisational skills, structured and analytical with the ability to enjoy working well under pressure.
- Must be strong, confident persuasive communicator (oral and written) and capable of robust dialogue;
- Previous experience of project management
- Analysis and interpretation of management informationSpecific Knowledge and Skills:
- A working knowledge of FCA key rules such as PRIN, ICOBS, SYSC, PROD and SUP.
- An understanding of the recent regulatory changes such as the IDD, GDPR, SM&CR, and the importance of applying the Training and Competence requirements within the group and across the network of (AR’s).
Have a sound understanding of the Managing General Agent model specifically in relation to the regulatory oversight of appointed representatives and an understanding of the outcomes from the FCA’s Thematic review (TR16/6: Principals and their appointed representatives in the general insurance sector).