Policy Adviser

2 weeks ago

London, United Kingdom Financial Conduct Authority Full time

The Role

The Redress and Consumer Insight department sits within the Consumer & Retail Policy Division. The Redress, Reporting, and Oversight team plays a critical role by owning and advising across the FCA on the policy requirements which ensure that firms put things right for financial services consumers when things go wrong, whether that’s making a complaint or claiming compensation in the event a firm goes under owing redress liabilities. As part of this role the team owns the FCA’s relationship with the FOS and FSCS. Recent major projects include the consultation to propose CMC Fees Price cap, the review of pension transfer redress guidance and reviewing the coverage of the FSCS.

The team manages the strategic oversight of FOS and FSCS, and coordination of shared projects on key areas of common interest and information/intelligence sharing between the wider FCA and the regulatory family (FOS, FSCS, MaPS and TPR). The team are also policy-owner of the Handbook regulatory reporting requirements.- Significant consumer redress issues, such as pension transfer redress guidance- Improving coordination and sharing of data between the regulatory family to advance shared objectives.- Managing key relationships with the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS)- Providing advice to internal and external stakeholders (including central government) on our compensation and/or dispute resolution rules- Working closely with other stakeholders in the business on a wide range of high-profile issues relating to consumer redress and/or compensation where firms are in default

What does the role involve? What are the key responsibilities?- Supporting delivery on high profile issues in the area of consumer redress, CMC policy and/or compensation, including- Development of policy proposals, preparing high-quality policy papers for senior management and Board approval, and for public consultation, and the communication of these proposals externally- Providing quality input and policy advice and support to supervisors, firms, consumers and trade and consumer bodies- Working across the FCA to help develop and maintain a coherent approach to consumer redress and/or compensation in the event of firm failure- Maintaining key external and internal stakeholder relationships, including FOS and FSCS, HM Treasury, Bank of England/Prudential Regulation Authority, consumer and trade bodies, and regulated firms- Support the Oversight Committee and the Board in ensuring effective and robust oversight of FOS in line with our statutory duties- Ensure the FCA meets its MoU commitments in areas such as information sharing, ensuring our approaches are consistent and complementary wherever possible and that matters of mutual interest are discussed at appropriate levels of seniority

The work of Redress, Reporting and Oversight policy is critical to the FCA’s Mission. The redress and compensation rules are a critical part of the consumer protection framework, helping consumers when things go wrong. By ensuring that the regulatory family can carry out their necessary public functions, there is effective coordination of information and intelligence, and the FCA is equipped with accurate firm data we are enabling the FCA to reduce harm to consumers.

The redress, reporting and oversight senior associate will have the opportunity to:
- Work on challenging issues, in an intellectually challenging environment, where creative thinking and problem solving are essential- Interact with a wide range of internal and external stakeholders at senior level- Help support firms and the compensation framework put things right for consumers when things go wrong.

Skills/Experience Required

Minimum- Proven experience of policy-making and project management- Proven experience of dealing with policy issues relevant to consumer protection in regulated industries

Essential- A collaborative and flexible approach, and the ability to think creatively about new regulatory approaches- Strong analytical skills- Good written and oral communication skills, including the ability to:
- Distil complex issues into succinct messages; and- Present confidently to a variety of internal and external stakeholders- Act as a credible representative for FCA externally- An understanding of the wider impact of regulation on consumers and businesses, and the ability to look at issues from the perspective of the consumer- A good knowledge of the retail financial services sector

Desirable- Knowledge and experience of one or both of the following:
- The consumer redress framework, including the DISP rules and relevant FEES rules, and the Financial Ombudsman Service- The compensation framework, including the COMP rules and relevant FEES rules, and the Financial Services Compensation Scheme- Wider knowledge of the FCA’s approach to regulation- A good knowledge of public policy making considerations and disciplines- An understanding of UK l

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