Supervision Senior Associate
Salary or salary range: Competitive
Contract type: Full-time
Location of position: London
Application deadline: 07/07/2024
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 two Senior Associate to work in our Supervision team within the SCM Division.
You will work closely with the Senior Manager, Supervision to implement a supervision strategy for organisations overseen by the PSR, that reflects our strategic priorities and drives an improvement in outcomes.
This supervisory work would typically focus on the designated payment systems, including Faster Payments, the LINK cash machine network, Visa, Mastercard and the newly designated Fnality system.
Supervision will be central to how we manage the relationships with those we regulate, how we monitor and evaluate the impact of our policy initiatives and how we understand how the market responds to risks and opportunities that arrive.
This is an exciting opportunity to join at the start of the establishment of a new function within the PSR. You will be able to shape the role and to contribute to developing the new Supervision Team.
The role requires considerable external 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
You will play an important role in the PSR’s Supervision team, working with the payment systems designated for the PSR’s oversight, including Faster Payments, the LINK cash machine network, Visa, Mastercard and the newly designated Fnality system
You will be responsible for managing the active supervisory relationship with one or more payment system operators
You will need to build a strong understanding of those firms, the environments they operate in, their business strategies and how they make decisions
This understanding will be key to the PSR’s ability to achieve the best outcomes for all of us that use payment systems
You will also need to build effective relationships with key senior stakeholders internally; engaging across the PSR to understand the work of other Divisions that is material to the supervision of regulated firms
You will be an active role model for PSR colleagues demonstrating behaviours in line with the PSR values and capabilities
Minimum requirements
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.
Proven experience of stakeholder relationship management roles, this could include, but is not limited to, supervision or monitoring roles in a regulator or regulated environment ideally within the payments of financial services sector
Direct experience of operating in a role with significant internal and external influence
Ability to analyse large amounts of information, drawing out key findings and producing formal written reports including making recommendations
Essential requirements
A demonstrable understanding of supervision and the role it plays in promoting effective and proportionate regulation
Demonstrable experience of developing and maintaining strong and effective relationships with the ability to influence, negotiate and collaborate effectively internally and across a wide range of external organisations
Ability to make clear, concise, logical and persuasive oral and written presentations on complex subjects drawing out key findings and producing written reports including making recommendations
Proven experience of 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
A pro-active working style with the focus on achievement and identification of priority work
Excellent project management and planning skills including the ability to successfully organise and prioritise work to meet expected works standards and deadlines
Desirable requirements
Experience of the regulatory landscape and public policy issues relating to economic regulation and competition policy, ideally in a sector relevant to payments and payment systems
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 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
The roles are graded as Senior Associate – Regulatory Level 7
The roles will offer a competitive salary and comprehensive benefits package and non-contributory pension
Applications for this role close on 7th July 2024 with interviews being conducted in week commencing 15th July 2024 and the 22nd July 2024
This role will be based in London, The International Quarter, Stratford
Want to know what it is like to work at the PSR? Check out this short video PSR recruitment video 2022 - YouTube
If you are interested learning more about the role, please contact Katie Ayling on katie.ayling@fca.org.uk
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
How to apply
Via link to the job board