Supervision and Compliance Monitoring – Lead Associate
Salary or salary range: Competitive
Contract type: Full-time
Location of position: London
Application deadline: 07/07/2024
Job Description
To find out more about this role, and other opportunities, in the Supervision and Compliance Monitoring Division at the PSR join our recruitment webinar on Monday 1st July at 2pm. You'll get a chance to meet the Enforcement and Compliance Management team, find out first-hand what the role involves and ask any questions you might have. Scroll down to the bottom of the advert for full Teams details.
About the PSR
How payments work affects the society we live in; the challenges faced by the vulnerable; how likely we are to fall victim to fraud; and how easily we can manage our money. Payments underpin our economy.
Behind these payments are several important payment systems. We rely on these systems to support markets, facilitate competition and drive innovation. This helps to deliver new products, find new ways to protect people from harm, and deliver services that give people and businesses more choice and control about how to pay and be paid.
We need the technology, the rules governing the use of these systems and the markets they support to all work well. This is where the PSR plays an important role – we are the economic regulator of, and competition authority for, those systems. We protect people and businesses and promote competition and innovation in these systems and the markets that they support.
The PSR is an independent economic regulator led by Managing Director, David Geale. We are directly accountable to Parliament and funded by the payments industry. We work closely with other regulators involved in this sector, notably the Financial Conduct Authority, the Bank of England and the Competition and Markets Authority. Operationally we are an independent subsidiary of the Financial Conduct Authority.
Purpose of the role
The PSR is covering larger and more complex areas of work than ever before. Through active monitoring, supervision and enforcement, we will make sure people and businesses can continue to have confidence in the payment systems they use every single day.
The Supervision and Compliance Monitoring (SCM) Division is responsible for ensuring that the PSR’s regulatory requirements are complied with and improving outcomes for everyone that uses payments systems by challenging poor practice within firms. The SCM Division was established in June 2023 and carries out three main functions:
Supervision: develops relationships with those we regulate to understand how they take decisions, manage risk and deliver the right outcomes for users of payments systems
Compliance Monitoring: focuses on ensuring compliance with the PSR's directions, requirements and regulations through the gathering of evidence, fieldwork and data analysis. We use this knowledge to ensure that any non-compliance is quickly resolved and to decide if formal regulatory intervention is more appropriate
Enforcement: investigates potential breaches of our directions, requirements and regulations, with the power to impose fines and publish details of identified breaches
We are recruiting for a Lead Associate to work in our Compliance Monitoring Team within the SCM Division. You will report into the Team Manager – Compliance Monitoring and will be key to the development of a structured monitoring programme within the PSR.
You will focus on driving better outcomes for people and businesses by improving compliance with the rules contained in law, PSR Directions and other legal obligations. You will do this by monitoring compliance of the UK’s regulated payment systems with the PSR’s rules and regulations. You will also work closely with other members of the SCM leadership team and other colleagues within the PSR’s Policy Division to monitor compliance with rules and take steps to secure improved compliance (for all firms subject to our rules or directions).
To do this, you will support the Manager (Compliance Monitoring) in developing and implementing a monitoring strategy for organisations regulated by the PSR, that reflects our strategic priorities and drives an improvement in outcomes, through compliance with the PSR’s new and existing rules.
You will work closely with colleagues in SCM, including the Regulatory Enforcement Team, and you will coordinate your team’s work with the PSR’s strategy and policy work, to define monitoring objectives and priorities that support the wider work of the PSR.
This is an exciting opportunity to establish and shape monitoring priorities for both existing and upcoming regulatory policy releases. The role requires considerable internal engagement, playing a key role in ensuring that the PSR is a strong, confident, outwardly facing regulator, building effective relationships with senior industry stakeholders and across the wider family of regulators and public bodies.
Key accountabilities:
As a Lead Associate you will play a leading role in the PSR’s monitoring and will be accountable for, and regularly report on, progress internally
You will be a senior member of the team and an active role model for PSR colleagues demonstrating behaviours in line with the PSR values and capabilities
You will actively contribute to the development and implementation of the PSR’s compliance monitoring strategy and framework
You may have direct line management and mentoring responsibility for junior colleagues
You will be responsible for building effective relationships with key senior stakeholders internally and externally to support the delivery of the PSR’s strategic objectives
You will lead on interacting with external firms to assess the level of compliance that has been achieved and ensure that the PSR takes a risk-based approach to its compliance monitoring activities to ensure that it is efficient in its use of resource
You will take a lead role in the PSR’s emerging Monitoring and Compliance work. Working with the SCM leadership team and colleagues in Policy and Strategy to set priorities for monitoring and compliance work
The skills and experience you will have
We are 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.
Minimum
Demonstrable significant experience of working in a regulator or regulated environment ideally within the payments or financial services sector
Previous line management experience with ability to direct the work of and coach colleagues, monitoring their progress against deadlines and managing operational risks
Experience of operating in a role with significant internal and external influence
Essential
A demonstrable understanding of compliance and compliance monitoring and the role it plays in promoting effective and proportionate regulation; this could include experience from credit institutions, payment institutions or from a payment systems operator
An ability to lead, oversee and contribute to the successful delivery of major projects and programmes within tight timescales; delivering work effectively through periods of change; dealing with a wide range of issues and managing competing priorities effectively
Proven experience of strong decision-making and innovative problem-solving skills, robustness in the face of challenge, and the ability to balance analytical rigour and pragmatism, while exercising excellent judgement
An ability to analyse large amounts of information, drawing out key findings and producing formal written reports including making recommendations
Excellent communication and stakeholder management skills, with the ability to influence, negotiate and collaborate effectively internally and across a wide range of external organisations
An ability to manage, motivate and develop more junior staff to meet organisational objectives through delegation, support and coaching of case team members.
A pro-active working style with the focus on achievement and identification of priority work
Desirable
Experience of the regulatory landscape in a sector relevant to payments and payment systems
Understanding of data management principles, and how these can be used to support supervision and compliance monitoring
Knowledge of the financial services industry or another regulated industry
PSR Values
All members of PSR are expected to demonstrate the PSR Values of Integrity, Unity, Engagement, Knowledge & Purpose.
In order to represent the people and organisations that we serve, we are committed to building and sustaining a diverse and inclusive workplace. Our commitment includes disability, ethnicity, LGBTQ+ and gender identity, mental health, and social mobility issues.
We are proud signatories of the e Women in Finance Charter, we hold the Level 2 Carer Confident accreditation from Carers UK and we signed the Social Mobility Pledge in June 2020.
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
This role is graded as Lead Associate – Regulatory Level 6
This role is based in London
The role offers a competitive salary and a comprehensive benefits package
Applications close at 23.59 on Sunday 7th July 2024
If you are interested learning more about these roles, please contact Katie Ayling on katie.ayling@fca.org.uk
Want to know what it is like to work at the PSR? Check out this short video PSR recruitment video 2022 - YouTube
Please note – Applications must be submitted through our online portal. Applications sent via email will not be accepted
Conflicts of interest
All applicants to the PSR are required to demonstrate that they do not have other interests likely to conflict with their responsibilities as an employee of the PSR.
You should declare any potential conflict of interest as early as possible in the selection process (via the named recruitment contact), and also disclose information or personal connections that, if appointed, might be open to misperception.
Any potential conflicts of interest will not prevent candidates going forward to interview but may, if appropriate, be explored during the interview to establish how the candidate would address the issue(s) should they be successful in their application.
For more information on conflicts please visit:
https://www.fca.org.uk/publication/corporate/conflict-of-interests.pdf Recruitment webinar
To find out more about this role, and other opportunities, in the Supervision and Compliance Monitoring Division at the PSR join our recruitment webinar on Monday 1st July at 2pm. Full Teams details below:
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