Head of Compliance – Wealth Management

The Role

Head of Compliance – Wealth Management (Oxfordshire)

Martis Search are representing a boutique privately owned UK Private Client focused Wealth Management company to hire a permanent “Senior Compliance Manager.”

The company is based in Oxfordshire but have several smaller offices throughout the UK. They boast various inhouse Equity, Fixed Income funds for mainly UK based High-Net Worth individuals (HNW’s), as well some Charities and Trusts. They are highly profitable, stable and grow via acquisition.

The company has almost no staff turnover and is probably the most genuinely “family-feel” boutique Wealth Management type company that we have even seen. They have some amazing perks and benefits package, great working hours and culture too.

However, the role is 5-days per week in the office and you must live within 1-hour’s commute to work in the role (any further and our client feels that your daily commute would be too long) and who can ideally drive to the office (as this is a lot quicker than via public transport).

Or you must be willing to permanently relocate to Oxfordshire.

The Compliance is made up of a small and hard-working teams of Compliance professionals. The role will manage a total of 3, as well as be hands-on every day.

The chosen incumbent will be responsible for overseeing and managing the Compliance function within the firm, ensuring that the company and its employees are adhering with internal policies and procedures and also with external regulatory requirements.

The role involves Compliance Monitoring of their Wealth Management Advisors, performing spot checks on client files and advising all employees on applicable Regulatory obligations.

Ideally our client is looking for someone who is either holding the SMF16 FCA Control function (Compliance Oversight), or has previously held it, or is willing to hold the SMF16 FCA Control function in the future.

Our client is looking for someone with extensive Wealth Management Compliance experience, from both a Transaction Monitoring and Regulatory perspective, with a strong knowledge of the FCA Rule Book and COBS 1.

The chosen incumbent will be involved with appraisals and objective setting, as well as any related project work.

Main Purpose of the Role:

• To ideally hold the SMF 16 function (Compliance Oversite function), or previously held it, or willing to hold it in the future
• To provide an effective systems and controls framework across the Organisation, to ensure compliance with all regulatory regimes under which the business operates
• The focus is primarily on FCA compliance but also encompasses compliance with Data Protection Act and Proceeds of Crime Act, as well as others
• To ensure that the company and its Appointed Representatives comply with all regulations, which apply to its permitted activities, by way of undertaking monitoring reviews to demonstrate compliance
• To assist in the development and maintenance of effective systems and processes within the Organisation
• Must have a minimum of 5-years’ experience in a similar role
• This role is 100% office based

Supervision Exercised:

• Number of People Directly Reporting: 3
• Number of People Indirectly Reporting: All Employees and ARs

Contacts:

• Internal: All Employees
• External: Clients, FCA/ Auditor/ Compliance Consultants, Consultants

Duties and Responsibilities:

• Implement the objectives set out in the CISL Compliance Manual and Compliance Monitoring Programme
• To implement and manage comprehensive monitoring programmes, covering all aspects of the Business, to check that the Business continues to be conducted in compliance with all relevant regulatory obligations, to report to the Senior Managers all significant exceptions, and to check that actual or potential breaches are remedied promptly.
• To advise employees on all applicable regulatory obligations, including advising on regulatory developments and on procedures required to ensure compliance with these obligations.
• Suggest changes to scope of reviews or focus on areas where new risks have been identified.
• Ensure employees receiving training in complaint handling procedures.
• To assist the Compliance Officer in ensuring that the company establishes and maintains at all times, effective systems or internal controls in order to manage and minimise the risk of losses to clients or to the business from errors, irregularities or fraud
• Also to monitor all aspects of the business to identify actual or potential weaknesses of internal controls, so that prompt remedial action may be taken by senior management
• To recognise potential instances of fraud and money laundering and, where agreed, report these instances to the appropriate authority
• To monitor proposed changes in legislation with particular relevance to compliance of all regulatory regimes
• To ensure that regulatory reporting requirements are met
• Act as Compliance Officer in identifying, investigating and rectifying rule breaches, and fulfil any associated reporting requirements.
• Assist in providing advice and coaching to employees to enable them to deliver process improvements which are fully compliant with relevant regulatory requirements
• To co-ordinate the handling of client complaints

General:

• Complete quarterly 1-2-1 meetings and yearly appraisals for each team member.
• To ensure the confidentiality of all work undertaken
• Conduct Team Meetings on a monthly basis
• Senior Managers Meeting to discuss issues and reach conclusions on how to drive the company forward

Business Development:

• Assist with updating of Procedures Manual and ensure that it remains up to date
• To make recommendations as to how the firm’s systems and procedures might be improved
• Contribute to corporate development and prosperity, assist other employees and be involved with their training as required
• To assist in the creation, implementation and development of internal systems, in order to meet regulatory obligations, and to improve and maintain efficient working practices within the organisation
• Promote the brand
• Promote the core values so that they are live throughout the team

Client Service:

• Ensure the firm’s high standards of client care are met.
• Ensure the confidentiality of all work undertaken for clients, and work within the principles of the Data Protection Act
• The 6 Individual Conduct Rules that apply to all persons working in financial services.

Compliance:

• To comply with the FCA’s Consumer Duty requirements, and other requirements set. out in the company manual and processes.
• To maintain records in accordance with the company’s compliance requirements as set out in its compliance manuals and procedures
• Work within the requirements of the Data protection policy

IT:

• To effectively use all the relevant IT facilities made available by the company
• To use IT facilities within the guidelines set out by the company’s IT Department

Employee:

• To work with and support other employees working within the various departments of the Company
• Create and promote a positive working environment within which each individual feels they make a valuable contribution and knows how their success will be measured

Skills and Knowledge Requirements:

• Willingness to undertake study
• Relevant qualifications such as CISI Level 6 Diploma in Financial Compliance
• Ability to manage own workload and work within a small team
• Knowledge of business processes, standards, policies and procedures
• Experience within the Financial Services Industry
• Exceptional communication skills at all levels
• Excellent organisational skills
• Knowledge of Microsoft Word Excel, Outlook and ideally Intelligent Office, Volume, Imago and Pulse dealing system
• Mentor Junior members of the team
• Ability to work under pressure at times
• Provide leadership for the team
• Good knowledge and understanding of the Statements of Principle for Approved Persons

Training:

• Take part in any relevant in-house or external training as required
• To attend relevant seminars and other presentations as appropriate
• To retain a record of personal CPD

Additional Responsibilities and Limits of Authority:

• To assist the Heads of other departments in any tasks relating to the development of business
• Any other duties which may reasonably be expected and which fall within your capabilities or general area of responsibility
• In accordance with the rules and guidance of the FCA Handbook, this role requires free access to all relevant departmental records, files, electronic directories, etc., in order to be able to oversee and monitor the activities that come under those regulations

Salary

£75 k pa - £90 k pa plus bonus, very good pension, share scheme, excellent holiday entitlement and medical care.