Associates – Early Oversight

The Authorisations Division has clear statutory responsibilities with a direct link to the FCA’s objectives of protecting consumers and the stability of the financial sector, while promoting competition and minimising perceived barriers to entry. We employ a risk-based decision-making process to ensure the appropriate regulatory decision is taken.

In the 2021-22 Business Plan, the FCA has announced the establishment of an Early Oversight Function (Regulatory Nursery), to oversee firms new to regulation.

Early Oversight is a ‘transition’ stage, post authorisation, where we fully supervise and monitor and support firms which are new to regulation to understand their obligations and fully meet the conduct regulatory standards we expect of them.

High Growth oversight allows us to work with firms that are seeing exponential growth to ensure that their growth is done in a way that meets their regulatory obligations and doesn’t cause consumer harm or market disruption.

Both are applicable to solo-regulated portfolios. We have merged the High Growth function with Early Oversight. This will ensure that we have stronger oversight of firms in their start up and scale up stages consistent with our business plan commitments.

We have just finished the initial pilot and are looking to expand the Early Oversight & High Growth Function and are currently recruiting for a number of positions and are looking for Associates.

The work is intellectually stimulating and focussed on changing conduct behaviour or raising standards of our firms to deliver better outcomes for consumers. You will have excellent regulatory judgement and will enjoy problem solving with colleagues from different disciplines and sector specialisms. The role is incredibly varied, and we are looking for candidates comfortable with such variety and able to manage through complex and fast-moving situations.

What does the job involve?

Skills

Whatever the role you’ll be using your core skills to help make sure that UK financial markets work well

You will be working with firms across all sectors to address concerns over their conduct, and the risks that consumers may face. You could be working with diverse firms such as crypto currency, investment firms, payment firms, asset managers and many more. You will be working in a supervision role raising issues such as the way firms address risks and harms in their sector; diversity & inclusion; financial promotions; safeguarding; environment, social and governance concerns, and other regulatory priorities.

• Analysing firms’ business model and strategies and identifying the key risks of harm, p roblem solving, dealing with complex problems, and finding solutions
• Using data to spot trends and provide insight to problems we’re looking to address
• Managing a large and varied workload
• Challenging and influencing skills, communicating assertively
• Working collaboratively and building strong relationships with stakeholders across the department and the wider FCA, including specialist supervision areas, Authorisations and Enforcement
• Sharing your knowledge and learning from others
• Clear and concise drafting
• Presenting information to Senior Management
• For Senior Associates role model FCA core skills (Judgement, Engagement, Delivery and Self-Management) and the FCA values on highly complex cases. For Associate level, demonstrate a sound level of the core skills of Judgment, Engagement, Delivery and Self-management and FCA values.

What will the candidate get from the role?

• You will enjoy a unique view of the financial services industry, with the opportunity to do meaningful work that makes a real difference to consumers and the market
• You will have the opportunity to work with and influence a wide range of industry professionals, both internally and externally to the FCA and to gain exposure to senior leaders both within the industry and the FCA
• You will gain wide experience supporting your career in regulation or financial services
• You will receive the training and support you need to develop your career

Skills/abilities Required  

We are a signatory to the Government’s Disability Confident scheme. This means that we will offer an interview to disabled candidates entering under the scheme, should they meet the minimum criteria for a role. A minimum criterion needs to be measurable from reviewing a candidate’s CV. Exceptions may apply if due to the volume of applications we are not able to interview all eligible candidates who qualify under the scheme.

Minimum

• Experience of proactively managing casework to tight deadlines
• Experience of analysing information, making judgements, and presenting key issues
• Experience building rapport and constructive relationships with key contacts, both internally and externally

Essential Criteria

• Strong analytical skills: ability to make logical, methodical and timely decisions including under pressure.
• Drive: motivated by challenges, responding positively to them and takes pride in seeing the job through.
• Flexible approach to change and an ability to adapt working styles accordingly. Proactive in your approach.
• Prioritisation and organisational skills: ability to manage competing priorities, and a challenging workload at times, in a resource-constrained environment showing tenacity, resilience and flexibility.
• Influence: able to identify and manage key stakeholders, to build and maintain constructive relationships, and win the support of firms and trade bodies for our conduct agenda. Ability to make a strong personal impact, persuading with well-reasoned arguments and challenging where appropriate.
• Ability to learn, develop and take on new responsibilities, quickly filling gaps in your understanding and escalating matters when appropriate.

Desirable criteria

• Experience developing or u sing data to spot trends and provide insight to problems we’re looking to address.
• Experience working in FCA Supervision or Authorisations, or in a legal, financial or consultant capacity: a good understanding of the regulatory framework, and of the FCA’s approach to supervision. Understanding conduct risk, consumer behaviour and the drivers for poor consumer outcomes.
• Experience of risk management and regulatory framework.

Additional Information

• This role is graded Associate Regulatory (Level 8)
• The salary range for London is approximately £42,000-£50,000 plus a competitive benefits package and non-contributory pension.
• The salary range for outside London is approximately £38,000-£46,000 plus a competitive benefits package and non-contributory pension.
• Applications for this role close 24th April 2022.

Please note, applications must be submitted through our online portal. Applications sent via email will not be accepted.

The FCA is currently trialling a new hybrid way of working, requiring colleagues to spend 40% of their time in the office each month until the end of July. This trial period will allow us to identify the most appropriate balance of hybrid working, enabling us to benefit from the best of both working in an office environment and remotely.

The Financial Conduct Authority (FCA) has recently set out a new employment offer designed to reward strong, consistent performance, aid career development and close pay gaps.

This follows an extensive, wide-ranging and comprehensive consultation with all FCA colleagues and the FCA’s Staff Consultative Committee. The changes, including updates to the proposals consulted upon, will mean that the FCA continues to provide one of the best reward packages of any regulator or enforcement agency in the UK.

If you have any questions please speak to your recruiter or visit the FCA website (or intranet for internal colleagues).

Please contact Chhavi Bartaria on [email protected] if you would like to know more about the role.