Compliance Manager

Compliance Manager

A dynamic and fast-growing Lloyds Syndicate is looking to recruit a Compliance Manager. Based in the City, this is a great opportunity to join a rapidly expanding organisation that offers excellent scope for progression and development.

The Compliance Manager works with the business (in the UK) to define the compliance framework for the MGA Platform and ensure the company’s policies and rules are in line with regulatory and ethical standards, regardless of whether government or a company’s executive management policy. The Compliance Manager will establish the standards and contribute to the growth and development of the business at a senior organisational and commercial level and work with the business to define requirements.

Our client will only consider candidates that have worked with MGA platforms from an insurance industry sector. If you do not have this experience your application will not be considered. Must have a minimum of 3-4 years’ experience as a compliance manager within insurance industry.

Key Compliance Management duties:

  • Maintaining regulatory compliance oversight of Managing General Agents and Coverholders, including their claims Third Party Administrators, at the onboarding stage and on an ongoing basis thereafter.
  • Set up and implement appropriate Compliance Monitoring Programs and developing effective compliance reporting systems for the MGA platforms.
  • To manage with the dealing of complaints management including liaising with the claim’s teams, Managing General Agents and Coverholders, and the Financial Ombudsman Service as appropriate.
  • Establish areas of reporting, standard quarterly and half yearly reports as required by the FCA and other regional regulators in respect of the licences held.
  • Managing and overseeing the development of systems and controls such as sanctions monitoring, background checking, and breech reporting including the production of an annual compliance plan and continued reporting of this plan to the Board.
  • To oversee the preparation of regulatory returns
  • Provide advance and guidance to the business managers to enable them to understand the regulatory implications of new business and initiatives and business changes. This will include participation in business projects.
  • To oversee the company’s data protection strategy and its implementation to ensure compliance with GDPR requirements by liaising with the DPO, Operations and IT teams in this regard.
  • Provide administrative support as required where necessary.

Key personal skills required:

  • Excellent Microsoft skills – Outlook, Word, Excel, and PowerPoint
  • Commercial awareness and focus on the application of regulation within the insurance broking, MGA platforms and an eagerness to gain syndicate experience
  • A compliance professional with a compliance qualification and/or relevant experience in a similar role/business with a strong knowledge of FCA/compliance regulation and oversees licensing.
  • Must be able to communicate effectively at all levels both internally and externally.
  • Ensure compliance with company and other relevant standards and regulations.
  • Excellent grammar and written communication skills.

Key technical skills required:

  • A detailed understanding of the insurance market and the regulatory framework in which it operates.
  • Self-Management identifying specific activities of the role in context of the business’s goals and what it is trying to achieve. Successfully directing work towards these objectives – prioritising duties, working well under pressure, and managing time effectively – demonstrating flexibility and trustworthiness.
  • Proven record of leading and delivering major initiatives and projects.
  • Degree educated.

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