We have an opportunity for a Senior Associate to join one of our Life Insurance supervision teams within the Life Insurance and Outsourcers (LIO) department. The LIO department supervises life insurance groups in the UK (covering small mutual insurers to FTSE 100 companies) and the outsourcing firms that service this market.
The Life Insurance teams supervise six firms/groups (representing c.80% of the market) on a fixed portfolio (i.e. relationship managed) basis. We focus on ensuring firms have in place good governance, senior manager accountability, controls and risk management, and operational resilience, to mitigate the potential risks of harm to customers in this sector.
What does the role involve? What are the key responsibilities?
As a Senior Associate, you will play an important role in shaping the supervisory strategy for firms in the life insurers portfolio and influencing the wider portfolio strategy. This role is diverse, and you will focus on at least one of the largest insurance groups and can expect to also operate across the wider portfolio.
You will need to be able to respond quickly and proportionately to proactively investigate and mitigate areas of potential harm at either a firm or portfolio level, as well as dealing with cases concerning events where the risks of harm to customers or markets have crystallised.
You will bring an understanding of the external (including macroeconomic) environment, the business models and products across the portfolio. These roles offer you a unique insight into firms' strategies and business models, and to influence some of the largest firms in the sector to improve outcomes for consumers and ensure the related risks are well managed.
The work is varied and interesting. It is often high-profile, market sensitive and sometimes in the media spotlight. As a Senior Associate, you will play a key role in ensuring the team delivers on its supervisory priorities.
* Developing a supervision strategy, either for a firm or portfolio, and implementing plans and actions arising from that strategy in order to mitigate and manage the risks, ensuring the approach taken offers value for money (e.g. considering economy, efficiency, and effectiveness)
* Influencing firms to ensure their conduct and culture deliver better outcomes for their customers. This will include engaging with and challenging C-Suite Executives and Board members
* Preparing sensitive or complex written documents (e.g. to a firm or portfolio) and managing broader communication plans to deliver key messages internally and externally.
* Escalating material risks to harms including proposing appropriate, outcome-focused solutions to FCA management and relevant governing committees
* Reviewing and quality assuring the work of others, providing feedback and coaching to ensure the team meets quality standards
What will the candidate get from the role?
* An opportunity to take on a wide-ranging and interesting role, which helps to drive the FCA's supervisory activity in the insurance sector, and to be at the forefront of changes in the UK financial services industry
* A unique understanding of the sector and the opportunity to deepen your knowledge
* Exposure to a wide range of senior colleagues both within the FCA and externally
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.
Prior experience of the life insurance sector or another financial services sector either:
* As an existing supervisor; or
* Within another area of the FCA; or
* Within another financial services firm or;
* From conducting reviews of financial services firms gained from working in an audit firm, a consultancy, a relevant trade body or government department
* Analytical capabilities and independent thinking: you will be able to assess, challenge and validate information, and make sound judgements about action or escalation required in a timely manner.
* Strong communication skills (both written and oral): you can communicate key messages and explain complex issues clearly and concisely
* Stakeholder management: you can build effective working relationships (internally and externally) to support the delivery of supervisory objectives
* Influence: you can offer constructive challenge, deliver strong messages and respond to challenge effectively
* Commercial awareness: you can demonstrate understanding of the macro-economic environment and how this may influence the behaviour of the firms we regulate
* Teamwork and collaboration: you can work effectively with others as part of a team in order to achieve desired outcomes
* Organisational skills and the ability to manage competing priorities: you will need to manage a challenging workload, which may change at short notice, and be able to adapt to change.
* Existing knowledge and experience of the Life Insurance sector
* Breadth of knowledge across the financial services sector: wider knowledge of other sectors including general insurance, banking, asset management, investment platforms or SIPP operators
* Project management skills: proven experience of managing projects to time cost and quality
* Financial analysis: knowledge and understanding of the prudential regimes in place and the ability to analyse firms' financial information / business plans etc.