Consumer Duty Associate

5 months ago

London, United Kingdom Financial Conduct Authority Full time

Salary: National up to £47,000 per annum and London up to £50,000 per annum

The Consumer Duty sets a higher level of consumer protection in retail financial markets for firms to adhere to. It is a key part of the FCA’s strategy, comprising most of our ‘consumer outcomes’ public commitment.

Firms are already bound by our rules to treat customers fairly. And whilst many firms are delivering the right outcomes for consumers, we have evidence of practices that cause consumer harm. The Consumer Duty expands our existing rules and principles to ensure firms focus on good consumer outcomes.

The Role

The Consumer Duty Embedding team is the central point for Consumer Duty related issues now that the rules have come fully into force.

This role will involve dealing with specific Consumer Duty related harms and will include designing and implementing a strategy to ensure the new rules are used effectively from day one, ensuring consumers are protected.

Key Responsibilities
- Co-ordinating the delivery of the supervision strategy within the sector, including the embedding of the Consumer Duty in portfolio strategies and activities.
- Acting as a central point of contact for Consumer Duty queries.
- Building and maintaining effective relationships with stakeholders, including at a senior level, both internally and externally, to ensure the Duty delivers good outcomes.
- Contributing to the design and delivery of local training for front-line FCA staff.
- Ensure that good regulatory decisions are made that further the FCA objectives.
- Understanding, identifying and mitigating the risks of harm arising from poor practice.
- Conducting thorough analysis of information and data to make effective judgements.

What will you get from the role?

This role is an exciting opportunity to work on the flagship Consumer Duty initiative, which sets higher and clearer standards of consumer protection across financial services, and requires firms to put their customers’ needs first. As part of this role, you will have the opportunity to play a key part in developing and implementing our approach, including:

- Assessing how firms are progressing in embedding the Duty within the Payments sector and working with Supervision colleagues to propose firm interventions where needed
- Engaging and interacting with colleagues across the FCA, which will provide you with a broad understanding of Consumer Duty related matters across financial services
- Liaising with firms and industry bodies, and other opinion formers shaping the market
- Developing more in-depth knowledge of the Payments sector
- The chance to demonstrate clear and logical thinking through oral and written work, including preparing communications for senior managers to deliver externally

Our competitive flexible benefits scheme gives you the opportunity to create a personalised benefits package, tailored to suit your lifecycle. You can use this allowance to purchase additional benefits such as dental or cycle to work or you have the option top up your base salary by taking this as cash.

Core benefits that you will receive as standard are:

- 25 days holiday per year
- Private healthcare with Bupa
- A non-contributory Pension of at least 8% of your basic salary each month (there are several contribution levels that increase depending on your age - up to 12% a month once you reach the age of 35)
- Life assurance of eight times your basic salary
- Income protection
- We support hybrid working which means you will be able to work from home up to 60% of the time over a month with the remainder of your time in one of our three office locations

The skills and experience you will have

Minimum
- Previous experience working in financial services or in another sector for a regulator or public body
- Analytical skills and the ability to make well informed decisions
- Ability to write clearly and succinctly

Essential
- Some knowledge of the payments and e-money sectors and adaptive learner/keen learner
- Excellent analytical capabilities, supporting robust decisions - You will be proficient at analysing complex information or data; and exercising robust, consistent judgements that balance a range of competing factors.
- Excellent relationship and stakeholder management skills
- Experience in managing projects
- Ability to work with pace and under pressure, using sound judgement and escalating issues appropriately
- Ability to balance and manage competing priorities, working independently and in a team, and manage several work streams simultaneously
- Comfortable with responsibility and managing ambiguity

About the FCA

The FCA regulates the conduct of 50,000 firms in the UK to ensure our financial markets are honest, fair, and competitive. We do this to make sure markets work well for individuals, businesses, and the economy as a whole. For more information on what we do, our three-year strategy can be found

here.

The FCA's Values & Diversity

Flexible Working

Multilo

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