Head of Compliance

The Head of Compliance is responsible for ensuring we comply with all relevant regulations and guidelines. This includes adhering to critical regulatory frameworks such as the Insurance Distribution Directive (IDD), Consumer Duty, Product Governance etc. The Head of Compliance ensures that the firm's procedures and operations meet the necessary regulatory standards while fostering a culture of compliance throughout the organisation. Reporting to the Operations Director, this role is critical for safeguarding the firm's reputation and minimising regulatory risk while supporting its growth and operational efficiency.

FCA Compliance & Regulatory Oversight:

• FCA guidelines: Fully understand and ensure the firm complies with FCA regulations, including those governing the Insurance Distribution Directive (IDD), Consumer Duty, and Product Governance, as well as any other relevant financial services rules.
• Insurance Distribution Directive (IDD): Ensure compliance with the IDD by overseeing the firm’s handling of insurance products, ensuring that employees are competent and that client information is properly managed, safeguarded, and understood.
• Consumer Duty: Implement and monitor adherence to the FCA’s Consumer Duty, ensuring the firm delivers good outcomes for customers, protects them from harm, and offers clear, transparent, and fair communications.
• Product Governance: Oversee the firm’s product governance processes to ensure all insurance and employee benefits products are designed, marketed, and distributed in line with FCA expectations. Ensure that products meet client needs and offer appropriate value.
• Regulatory updates: Keep up to date with changes in FCA regulations and guidance, ensuring that internal policies, procedures, and systems are updated accordingly.

Risk Management & Monitoring:

• Risk assessments: Lead the firm’s risk assessment processes, identifying compliance risks and implementing robust mitigation strategies to safeguard the firm. Conduct ongoing reviews of the firm’s risk framework to ensure regulatory risks are appropriately managed.
• Compliance monitoring: Develop and implement a compliance monitoring program, regularly conducting quality assurance reviews and reviewing the firm’s activities to ensure continued compliance with regulatory requirements. Report findings to the Operations Director and senior leadership team.
• Incident management: Lead the resolution of compliance breaches, complaints, and regulatory issues, ensuring root cause analysis and remedial actions are completed effectively to prevent recurrence.
• Regulatory reporting: Support with regulatory submissions to the FCA and ensure all necessary returns are made using accurate information.

Compliance Leadership:

• Executive support: Provide strategic compliance guidance to the executive and senior leadership teams, ensuring that regulatory risks and obligations are factored into decision-making and business planning.
• Proactive solutions: Anticipate changes in the regulatory landscape and implement proactive strategies to ensure the firm remains ahead of emerging compliance requirements.
• Cross-functional collaboration: Work closely with other departments, including Sales, Operations, and Client Services, to embed compliance into all aspects of the business and foster a culture of accountability.

Training & Competency:

• Staff training: Develop and implement a robust compliance training program to ensure all employees understand and adhere to regulatory requirements. Ensure competency under the IDD and Consumer Duty obligations.
• Ongoing education: Ensure ongoing professional development and compliance knowledge enhancement for staff, particularly around areas such as consumer duty, complaints handling, product governance, etc.

Leadership & Reporting:

• Group liaison: Act as the primary point of contact for Group Risk and Compliance, handling communications, audits, and enquiries as required.
• Management reporting: Provide regular compliance updates and reports to the Operations Director and the senior leadership team, highlighting key compliance risks, breaches, and regulatory updates.
• Team leadership: Lead and mentor the compliance team, ensuring that they remain up to date on regulatory developments and maintain a proactive approach to compliance management.

Cross-functional Collaboration:

• Internal stakeholders: Work closely with other departments, including Sales, Operations, Partnerships and Marketing, to ensure that all business activities comply with regulatory requirements and promote best practices across the firm.
• Third-party partnerships: Ensure that third-party providers, such as insurers and introducers, operate in line with FCA rules, particularly in terms of product governance and consumer duty.