At a Glance
- Tasks: Lead compliance and financial crime oversight in a senior role with board-level visibility.
- Company: Established mutual building society focused on member satisfaction and prudent management.
- Benefits: Competitive salary, pension contributions, and flexible office-based work in Hertfordshire.
- Other info: Opportunity for personal growth in a supportive, member-focused environment.
- Why this job: Join a stable organisation with genuine regulatory accountability and direct access to leadership.
- Qualifications: Proven compliance experience in FCA and PRA regulated firms; SMF16/SMF17 approval preferred.
The predicted salary is between 65000 - 80000 € per year.
Financial Services — Mutual Building Society
Location: Home Counties (office-based with some flexibility)
Salary: £65,000 – £80,000 depending on experience
Permanent, full-time
Regulatory: FCA and PRA dual-regulated — SMF16 and SMF17 appointment required
About the Organisation
Our client is a well-established mutual building society with a strong presence in its local market and a committed member base built over many decades. The society operates a straightforward savings and mortgage business, is regulated by both the FCA and PRA, and has a reputation for prudent management and genuine member focus.
With a modest team, the society offers the opportunity to operate as a senior leader with genuine board-level visibility and real regulatory accountability — without the complexity and politics of a large institution.
The Opportunity
Following the planned departure of the current postholder, the society is seeking a Head of Compliance and MLRO to join the senior leadership team. This is a sole compliance function role: the postholder will be the society's subject matter expert for all regulatory conduct matters and will hold both the SMF16 (Compliance Oversight) and SMF17 (MLRO) Senior Manager Functions, subject to FCA and PRA approval.
The role reports directly to the Chief Executive and attends the Board, providing quarterly compliance reporting and the annual MLRO report. It is a genuinely senior position with personal regulatory accountability and direct access to executive and non-executive leadership.
Key Responsibilities
- Compliance oversight (SMF16):
- Design, maintain and execute the annual compliance monitoring plan, reporting outcomes to executive and board
- Provide practical regulatory advice to business lines on conduct requirements including MCOB, BCOBS, and Consumer Duty
- Lead the society's Consumer Duty implementation, ongoing compliance programme, and annual board report
- Manage the relationship with the FCA and PRA, including supervisory visits, regulatory returns and correspondence
- Horizon scan for regulatory change and translate requirements into timely and proportionate implementation
- Maintain and develop the compliance policies and procedures framework
- Oversee product governance arrangements and provide compliance input to new product development
- Oversee complaints handling, providing compliance input and board-level reporting on outcomes and trends
- Financial crime (SMF17 — MLRO):
- Maintain and develop the AML/CTF framework, risk assessment, policies and procedures
- Manage sanctions screening processes and maintain the sanctions compliance framework
- Deliver AML/CTF training to all staff and specialist training to relevant teams
- Prepare and present quarterly compliance reports to the Board of Directors
- Provide regulatory and compliance input to the Board Risk Committee and Audit Committee as required
- Support data protection compliance, working alongside the DPO function where separately resourced
Proven compliance experience in an FCA and PRA dual-regulated deposit-taking firm — a building society, retail bank, or similar institution
Previous SMF16 and/or SMF17 approval by the FCA, or a track record that clearly demonstrates readiness for approval — the postholder will be subject to individual regulatory assessment
ICA International Diploma in Compliance, CISI Diploma in Compliance, or equivalent qualification
Confident presenter to board level, with the ability to communicate regulatory matters clearly to non-specialist directors
Genuinely autonomous and organised — as a sole compliance function this role requires the postholder to manage their own priorities effectively without the support of a wider team
Direct building society sector experience — the mutual governance structure, BSA membership context, and member-first regulatory posture all have features specific to the sector
SMF Approval
The successful candidate will be required to obtain FCA and PRA approval as SMF16 (Compliance Oversight) and SMF17 (MLRO). Candidates with existing or recent SMF16 and/or SMF17 approval will be at an advantage, as their regulatory record will already be on file with the FCA.
A senior leadership role with genuine board access and regulatory accountability
A stable, well-governed mutual with a strong balance sheet and a long-term perspective
Competitive salary of £65,000–£80,000 depending on experience
Standard building society benefits package including pension contribution
Office-based role in Hertfordshire with a degree of flexibility for the right candidate
Regulatory Affairs (Permanent) in Luton employer: FD Capital Recruitment
As a well-established mutual building society located in the Home Counties, we pride ourselves on our member-focused approach and prudent management. Our team offers a unique opportunity for senior leaders to engage directly with the board, ensuring genuine regulatory accountability in a supportive environment that fosters professional growth and development. With competitive salaries and a standard benefits package, we provide a rewarding workplace where your expertise in compliance can truly make a difference.
StudySmarter Expert Advice🤫
We think this is how you could land Regulatory Affairs (Permanent) in Luton
✨Tip Number 1
Network like a pro! Reach out to your connections in the financial services sector, especially those who have experience with compliance roles. A friendly chat can lead to insider info about job openings or even referrals.
✨Tip Number 2
Prepare for interviews by brushing up on your knowledge of FCA and PRA regulations. Be ready to discuss how you've handled compliance challenges in the past. We want to see you shine as the subject matter expert!
✨Tip Number 3
Don’t underestimate the power of follow-ups! After an interview, drop a quick thank-you email to express your appreciation. It keeps you fresh in their minds and shows your enthusiasm for the role.
✨Tip Number 4
Apply through our website for the best chance at landing that dream job! We’re always looking for passionate candidates who are ready to take on senior leadership roles in compliance.
We think you need these skills to ace Regulatory Affairs (Permanent) in Luton
Some tips for your application 🫡
Tailor Your Application:Make sure to customise your CV and cover letter for the Head of Compliance and MLRO role. Highlight your experience with FCA and PRA regulations, and show how your skills align with the responsibilities outlined in the job description.
Showcase Your Leadership Skills:Since this is a senior position, we want to see your leadership experience shine through. Share examples of how you've successfully managed compliance functions or led teams in previous roles, especially in a dual-regulated environment.
Be Clear and Concise:When writing your application, keep it straightforward. Use clear language and avoid jargon where possible. We appreciate a well-structured application that gets straight to the point while still showcasing your expertise.
Apply Through Our Website:We encourage you to submit your application directly through our website. This way, we can ensure your application is reviewed promptly and you’re considered for this exciting opportunity with us!
How to prepare for a job interview at FD Capital Recruitment
✨Know Your Regulations
Make sure you brush up on the FCA and PRA regulations relevant to the role. Being able to discuss specific compliance frameworks, like MCOB and BCOBS, will show that you're not just familiar with the rules but can also apply them practically.
✨Showcase Your Leadership Skills
As this is a senior position, be prepared to demonstrate your leadership experience. Think of examples where you've led compliance initiatives or managed teams effectively, and be ready to discuss how you can bring that expertise to the society.
✨Prepare for Board-Level Discussions
Since you'll be presenting to the Board, practice articulating complex regulatory matters in a clear and concise manner. Use examples from your past experiences to illustrate how you've communicated effectively with non-specialist directors.
✨Demonstrate Autonomy and Organisation
This role requires a high level of independence. Be ready to discuss how you've successfully managed your own priorities in previous roles, especially in a sole compliance function. Highlight any tools or methods you use to stay organised and efficient.
