The FSA is an independent body that regulates the financial services industry in the UK. We have been given a wide range of rule-making, investigatory and enforcement powers in order to meet our four statutory objectives:
Market confidence: maintaining confidence in the financial system
Public awareness: promoting public understanding of the financial system
Consumer protection: securing the appropriate degree of protection for consumers
Reduction of financial crime: reducing the extent to which it is possible for a business to be used for a purpose connected with financial crime.
As the sole financial regulator for the UK, the FSA has a unique and influential role delivering benefits to firms and consumers alike. Our remit is broad and our influence profound, from ensuring people get a fair deal in their financial services to maintaining London's status as a world-leading international financial centre.
The FSA works to reduce the risks to its objectives through our approach of continuously assessing risk and engaging with firms to mitigate risk. This is characterised by using the wide range of information provided by firms and from other sources, and by frequent and challenging contact with the firms' management.
One of our main focuses for the insurance sector is currently the development of the Solvency II regime. Solvency II is a fundamental review of capital requirements, governance standards and reporting requirements across the EU for insurers and reinsurers that will replace existing solvency standards. This project is one the largest on-going programmes at the FSA.
At a critical time for the UK's financial sector, we are recruiting for a number of Supervisory positions at Associate level in order to help us to implement Solvency II successfully, as well as continuing to deliver our regular supervisory work. These roles entail engaging with the most senior levels of management in regulated firms, understanding their businesses, making risk-based judgements about the appropriate regulatory action to take in a variety of circumstances, communicating our expectations clearly to firms and ensuring that the intended outcomes are achieved.
· Supporting the delivery of FSA objectives through the supervision of a firm or group of firms.
· Establishing and maintaining strong relationships with senior management at a wide range of firms, both nationally and sometimes internationally, and with their respective home country regulators.
· Proactively identifying risks to our objectives and devising ways to mitigate them. This includes conducting ARROW risk assessments and developing and implementing risk mitigation programmes.
· Working with firms to assess their internal capital models and agree appropriate levels of regulatory capital.
· Complying with all FSA internal and regulatory processes, including documenting and establishing audit trails as required.
· Contributing to the overall development and ongoing maintenance of regulatory and supervisory processes and practice.
· Developing in-depth knowledge and understanding of the FSA handbook rules and principles applicable to the firms you supervise.
We are looking for high calibre professionals with broad knowledge of the UK insurance market (both non-life and life) and the main issues facing regulated firms and the FSA in this sector. Experience of relationship management and a professional qualification (eg: ACA, ACII) are desirable.
Personal skills;
- Strong written and oral communication skills.
- Strong interpersonal skills - able to build and maintain relationships with senior contacts at firms and FSA colleagues.
- Ability to present yourself and the FSA in a professional and credible manner.
- Ability to balance and manage competing priorities, working independently and in a team.
- Willingness to learn and develop, taking on new responsibilities and adopting a flexible pragmatic approach to your work.
- Teamwork - ability to work effectively with others to deliver outcomes, complete tasks and pro-actively offer help to colleagues.
Technical skills;
- Strong risk analysis skills - ability to analyse often large amounts of complex information, identify and present key issues and solutions.
- Strong financial analysis skills - ability to critically examine and interpret financial statements.
- Strong numerical skills.
- Outcomes focussed - ability to use common sense, knowledge and experience, and the FSA's principles based approach to achieve effective outcomes in your work.
Regulatory knowledge;
- Good understanding of supervision and the principles based approach to regulation.
- Good understanding of the financial services market.
- Good understanding of business and regulatory risks.
Technical competencies;
The FSA has a framework of technical competencies for supervisors which define what they need to know and do 'on the job'. The FSA is looking for individuals who have the willingness and ability to become proficient in these areas. Training and support will be provided to help new supervisors reach the required standard.
For successful applicants, there will be an induction process, which will provide initial training and confirm competence in the role. More details will be provided during the recruitment process.
· The opportunity to make a real difference in the financial services industry by changing behaviour in firms to improve outcomes for consumers and financial markets.
· A unique insight across markets and the financial services industry.
· The opportunity to put analytical, problem solving and professional skills into practice
· The opportunity to develop and build relationships with senior executives and a wide range of financial institutions
· The experience of supervising firms of varying side and quality through ARROW assessments, thematic work, baseline monitoring and dealing with crystallised risks
· The opportunity to be part of the implementation of a significant change in the way the insurance industry if regulated
· Work in a varied and intellectually challenging environment with opportunities to further develop your career
· Comprehensive training and ongoing learning and development opportunities
Please note that you will be asked the following application question when applying for this role:
Why do you believe that you are suitable for this role? Please ensure that you specifically relate your answer to the criteria listed in the job advert, covering your relevant skills, technical knowledge and capabilities. (No more than 300 words)
Salary ranges are:
REG B: £30,000 - £55,000
REG C: £46,000 - £81,000
Salary is dependent on skills and experience level. The FSA offers a competitive remuneration package made up of a base salary, core and flexible benefits and pension contributions.
Selection Process
Stage 1. On-line application, please submit your CV and answers to the following application questions:
1. Why do you believe that you are suitable for this role? Please ensure that you specifically relate your answer to the criteria listed in the job advert, covering your relevant skills, technical knowledge and competencies. (Max 300 words)
Stage 2. Online Financial Analysis test - You will be informed via email if you have not passed the online financial test. If you are successful, your CV will be passed to the relevant line managers for review and your profile status on our recruitment portal will change to 'line review' - please check your profile regularly for any updates. If successful, we will contact you directly to organise for you to attend an assessment centre. Once again, if you are not successful at the CV sift stage of the process you will be informed by email.
Stage 3. Final stage with FSA managers - Technical & competency interview, interactive exercise / case study and psychometric test to assess financial analysis skills.
This vacancy will be recruited on an ongoing basis so please submit your application as soon as possible.
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