Job Description
Head of Compliance, Compliance Oversight & Money Laundering Reporting Officer (SMF16 & SMF17)Role Purpose
The Head of Compliance, Compliance Oversight & MLRO (SMF16 & SMF17) provides independent second-line oversight of the firm's regulatory compliance and financial crime framework. The role ensures compliance with FCA requirements, Consumer Duty, SM&CR, Money Laundering Regulations, Proceeds of Crime Act, Terrorism Act and financial sanctions legislation.
The post holder acts as the firm's Compliance Oversight Function (SMF16) and Money Laundering Reporting Officer (SMF17), overseeing both the Principal firm and its overseas Appointed Representative to ensure regulatory, conduct and financial crime risks are effectively identified, managed and escalated.
Reporting Lines
- Reports to: Managing Director (SMF3)
- Accountable to: Board of Directors
- Key Stakeholders: Senior Management, Board, Overseas Appointed Representative, FCA, lender clients and external advisers.
Key ResponsibilitiesCompliance & Regulatory Oversight
- Perform SMF16 and SMF17 responsibilities, subject to FCA approval.
- Maintain an effective compliance framework, policies, procedures and controls.
- Develop and deliver a risk-based Compliance Monitoring Programme.
- Conduct monitoring reviews, risk assessments and regulatory assurance activities.
- Provide independent regulatory advice and challenge to senior management and the Board.
- Monitor regulatory developments and ensure implementation of FCA and legislative changes.
- Embed Consumer Duty principles and promote positive customer outcomes.
- Prepare and present compliance, conduct and financial crime reports to the Board.
- Foster a strong culture of compliance, ethics and regulatory awareness.
Financial Crime & AML
- Oversee AML, CTF, sanctions and financial crime frameworks.
- Maintain the Business-Wide Risk Assessment and customer due diligence controls.
- Act as Nominated Officer, assessing suspicious activity reports and making disclosures to the National Crime Agency where required.
- Ensure compliance with AML regulations and financial crime obligations.
Governance & Oversight
- Provide independent oversight of the firm's Appointed Representative and outsourced regulated activities.
- Escalate material compliance and financial crime risks to the Board and regulators where appropriate.
- Support continuous improvement of governance, controls and risk management processes.
SMF16 & SMF17 Accountabilities
The role holder will be responsible for:
- Oversight of compliance with FCA rules and regulatory requirements.
- Maintaining effective compliance systems, controls and monitoring arrangements.
- Providing regulatory advice and challenge to the Board and senior management.
- Overseeing Consumer Duty implementation and customer outcomes.
- Managing AML, CTF, sanctions and broader financial crime frameworks.
- Monitoring and implementing regulatory change.
- Reporting significant regulatory and financial crime risks.
- Promoting a culture of integrity, compliance and good governance.
Essential Experience & QualificationsExperience
- Significant experience within an FCA-regulated financial services environment, ideally consumer credit, debt collection, debt administration or related sectors.
- Strong knowledge of FCA Handbook requirements, including CONC, SYSC, DISP, Consumer Duty and SM&CR.
- Experience developing, implementing or monitoring compliance frameworks and controls.
- Proven background in compliance monitoring, regulatory advice and risk assessment.
- Good understanding of AML, sanctions, customer due diligence and financial crime requirements.
- Experience presenting compliance matters to senior management and Boards.
- Strong stakeholder management, communication and analytical skills.
Qualifications
- Degree or equivalent professional experience.
- Compliance qualification (or working towards one).
- AML or Financial Crime qualification desirable.
- Eligible to obtain FCA approval for SMF16 and SMF17 functions.
Key Competencies
- Regulatory expertise and commercial awareness.
- Risk-based decision making.
- Independent judgement and integrity.
- Leadership and stakeholder influencing skills.
- Strong analytical and problem-solving abilities.
- Excellent written and verbal communication.
- Governance, planning and organisational capability.
- Relationship management and collaboration.
- Continuous improvement mindset.
Appointment Requirements
Appointment is subject to:
- FCA approval for SMF16 & SMF17 via Form A.
- Approved Statement of Responsibilities.
- Satisfactory DBS and regulatory reference checks (6 years).
- Completion of fitness and propriety assessments.
- Any required overseas background checks.
FCA Head of Compliance (SMF16/17) in London employer: Mphasis UK Ltd
Mrald, as part of Mphasis, is an exceptional employer that prioritises employee growth and development within a dynamic and supportive work culture. Located in the UK, we offer competitive benefits, a commitment to service excellence, and opportunities for team members to lead transformation initiatives that directly impact customer experience and operational efficiency. Join us to be part of a high-performance team where your contributions are valued and recognised.
