Manager, Insurance Team, Retail Department

FCA Perm
London (East)
11 Jan 2018
11 Feb 2018
Contract Type
Full Time
Manager, Insurance team in the Retail Department, Authorisations

The salary range will be approximately 65,000 - 85,000 GBP plus a competitive benefits package and non-contributory pension.


At the FCA, we're creating a fair and more resilient financial system. We're establishing more transparent relationships between financial services and their customers, building trust in financial markets and protecting vulnerable consumers.

Authorisations ensures that only firms and individuals in key roles that are suitable, and fit and proper may enter and remain in the market. It does this via the gateway, which includes the essential role played by the Customer Contact Centre (CCC).

At various times Authorisations interacts with 56,000 firms and more than 130,000 individuals authorised and approved by the FCA as well as a constant stream of new entrants to the market. Through interactions with firms, whether already authorised or new entrants, the Division helps to shape how firms operate or propose to operate in the market. Within the Authorisations Division, the Retail department is the main Authorisation interface with the Prudential Regulation Authority but covers all sectors of the financial services industry.

We are recruiting a manager to lead the recently formed Insurance team which will be assessing complex transactions including the authorisation of, and transfers of business applications from, general and life insurance firms. Our assessment for authorisation is focused on whether the applicant meets the Threshold Conditions in consideration of the FCA's overall objectives. The team leads on the assessment of these applications for the FCA and we liaise with a range of internal stakeholders in deciding whether or not to provide the FCA's consent for the PRA to authorise the firm. We work very closely with the PRA which is the administrative lead on dual regulated applications.

A 'transfer of business' is a statutory process under Part VII of the Financial Services and Markets Act 2000 (FSMA) that allows an insurer to transfer business to another insurer without the consent of the policyholders. The team assesses the potential conduct risks associated with the application, working closely with the PRA, which assesses the application from a prudential perspective. The FCA and PRA submit their recommendations to the court to assist it in forming its decision on whether to sanction the transfer.

Our existing work is soon to be augmented with a number of Brexit-related applications from existing UK and other European insurers, creating a unique opportunity to assess these firms at the gateway.

In addition to its core functions, the department is also contributing significantly to the Delivering Effective Authorisations (DEA) programme. DEA is a wide ranging change programme and is Authorisations' response to the FCA Mission, and is intended to deliver Authorisations' Vision: "Adding public value by enhancing trust in markets and improving how they operate through a consistent, transparent and proportionate approach to authorising firms and individuals and responding to firm and consumer contacts".

What does this job involve?

The role reports to the Head of Department and will be a part of the Retail management team, with responsibility for developing and implementing the department's strategy including in relation to our people.

The successful candidate will be responsible for leading a team of around eight senior case officers who will assess some of the most complex firm applications and provide expertise to support others areas of the department eg changes in control. The Insurance team is a new team being formed from existing teams in the department and we are looking to create a centre of expertise for insurance work, creating synergies across the work currently undertaken.

The manager will support their team to deliver high-quality regulatory decisions made efficiently in line with our risk tolerance framework and provide excellent levels of service to customers and stakeholders. The role requires building and managing collaborative relationships with stakeholders across FCA, with firms, and with the PRA. As we look ahead to Brexit, the PRA liaison will be critical.

The successful candidate will be responsible for the well-being of their direct reports and developing colleagues to be at their best. As with all management roles in the division the manager will be responsible for continually reviewing team performance, MI and qualitative feedback to identify continuous people and process improvements.

The manager will be a role model for active involvement in relevant Divisional and cross-FCA projects, including DEA and a driver of change.

What will I get from the role?

This is a great opportunity to join Authorisations Division during an exciting period of change and opportunity for financial services. You will contribute to the delivery of the FCA's mission through your team's work at the gateway. There will also be opportunities to contribute to and shape Authorisations' change programme, Delivering Effective Authorisations.

You will work collaboratively with management team colleagues in Retail and the wider Division to develop and implement strategy and operational plans. You will work with colleagues from across the FCA, strengthening your internal network. You will have the opportunity to work with and influence a wide range of industry professionals, both internally and externally to the FCA and to gain exposure to senior executives both within the industry and the FCA.

You will lead and develop a team of case officers, enhancing your people management, coaching and mentoring skills and the opportunity to further develop your operational skills, motivating and leading a team that needs to deliver good quality decisions across a challenging, unpredictable caseload. You will have a rare opportunity to shape and influence the workings of the insurance sectors at a time of considerable change.

As an Academy business we place great value on your learning and we offer world-class development opportunities which will assist you in achieving your career aspirations. Our Academy currently offers you a range of opportunities for personal and professional development, including our MSc in financial regulation, Future / Advanced Managers programme, sponsored study and more.

Which minimum, essential & desirable skills are required?Minimum

We're a signatory to the Government's Disability Confident scheme. This means that we guarantee an interview to any disabled candidates entering under the scheme, should they meet the minimum criteria for a role.

  • Demonstrable capability as a people manager
  • Experience of developing plans to deliver strategic and operational priorities and monitoring their implementation.
  • Experience of working in a regulated environment or with regulated firms.
  • The ability to coach and developing colleagues to be at their best.
  • Ability to develop plans to deliver strategic and operational priorities and monitor their implementation.
  • Ability to make bold, high quality judgement based decisions and of supporting others to make timely and complex risk-based judgements.
  • Ability to make bold, high quality judgement based decisions and of supporting others to make timely and complex risk-based judgements.
  • An understanding of the insurance sector and business models within it, key products and the roles played by various different types of firms in the general and life insurance sector.
  • Knowledge of the FCA's approach to authorisations.
  • Able to build effective relationships with external and internal stakeholders and to influence and challenge others' views while maintaining good relationships.
  • Evidence of working effectively in an environment of continuous change and experience of leading and managing people through change.
  • Evidence of being comfortable with responsibility and of managing ambiguity.
  • Strong written and oral communication skills.
  • Demonstrating the initiative to challenge, identify, document and implement process improvements to enhance efficiency and effectiveness.
  • Ability to question constructively and to deal constructively with / offer challenge appropriately.
  • A practical understanding of the insurance supervision regulatory framework.
  • Good understanding of conduct risks associated with the insurance sector.
Additional Information

The job family for this role is Reg D. Applications for this role close on 19 January 2018.

Selection Process: (could be subject to change)

Stage 1. On-line application, please submit your CV (300 words not required)

Stage 2: Screening - your application will then be forwarded to the recruiting managers

Stage 3: Competency and technical interview with HoD/Senior Manager.

Stage 3: Assessment centre (if required)

Stage 4: Final interview (if required).

This role will be based in London, Canary Wharf, with a planned move to Stratford in 2018

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