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Head of Compliance - Insurance

  • Location: City of London
  • Salary: £50,000 - £70,000 per year
  • Job Type:Permanent

Posted 27 days ago

  • Sector: Compliance
  • Contact: Emilia Thomas
  • Contact Email: ethomas@merje.com
  • Expiry Date: 07 October 2022
  • Job Ref: ET/18547

MERJE have exclusively partnered with a growing Insurance business in the search for a Head of compliance. Operating as an MGA platform, Lloyd’s broker and niche product distribution business, our client brings its sector expertise and technical know-how to bear for established industry players and entrepreneurial start-ups around the world.

We're looking for a dynamic, commercially minded and pragmatic Head of Compliance, who will take ownership of the compliance, conduct and regulatory agenda across a rapidly expanding business.

You will have a strong working knowledge of the FCA rules relating to General Insurance and, ideally, you will have experience of working within the London Market.

To be successful in this role you will need to have a broad knowledge base of General Insurance compliance and be comfortable in managing stakeholder relationships at all levels, from general employees to board level representatives.You must have a "can do" approach and the practical experience to enable you to translate high level plans and procedures into workable solutions for a fast moving, diverse business.

Key Responsibilities:

  • Own the annual compliance plan and prioritise accordingly

  • Ensure all documentation, policies and procedures are correct, up to date, improved where necessary and embedded within the business

  • Organise the onboarding and oversight of Appointed Representatives and other business partners

  • Handle complaints in accordance with FCA and/or Lloyd’s requirements, as applicable

  • Act as focal point for all regulatory/compliance queries

  • Carry out periodic reviews to ensure that the business is following prescribed processes

  • Design, deliver and regular review of targeted KPIs, centered on the key drivers of conduct and regulatory risk

  • Update FCA and Lloyd’s systems (Connect, Reg Data, ATLAS, DCOM) as necessary

  • Horizon scanning to give the business early warning of imminent regulatory change and provide actionable guidelines to make the relevant preparations

External Stakeholder Management

  • Dealing with the FCA and Lloyd’s

  • Managing compliance issues with other business partners such as Insurers, MGAs and Brokers

  • Working in tandem with Compliance Consultants

Internal Stakeholder Management

  • Communicating regulatory change and its impact on the business to the Board

  • Engaging the wider business in compliance issues so that compliance processes and procedures are created that are aligned to the business needs and its operating model and ensuring that theseprocedures are consistently followed

The Head of Compliance must have the following skills, values and knowledge:

  • Working knowledge of FCA Handbook and how it pertains to General Insurance

  • Competent user of FCA systems (E.g. Connect and RegData)

  • In depth understanding of

  • Client money

  • Financial Crime and how it relates to General Insurance

  • Conduct Rules

  • SMCR regime

  • Product Oversight and Governance

  • Experience of working with Appointed Representatives

  • London Market knowledge, including Lloyd’s, Wholesale broking and MGAs

  • Excellent communication and influencing skills

  • Ability to work independently and resourcefully whilst managing multiple projects