Debt Management Specialist

1 week ago

London, Greater London, United Kingdom Bank of China Full time

As a key member of the Personal Banking department, you will oversee debit and credit card operations and provide back-office support to the Bank's branches. The merchant acquiring business operations combined with comprehensive support services for third parties and merchants will be your focus. Your responsibilities will include post-sale debt management and its related activities along a defined customer journey within the Personal Banking department, including forbearance support, debt recovery measures, and repossession prevention. This is a full-time permanent position.

Key Responsibilities:
  • Maintain the debt management framework and procedures for the retail business units and Personal Banking department.
  • Monitor and test the retail business unit's compliance requirements in respect to the Bank's policies and procedures related to debt management.
  • Coach, train, and support credit and loan staff as well as mortgage underwriters in relation to their debt management duties, including considerations through customers' lenses under the Consumer Duty.
  • Maintain market industry knowledge in terms of debt management, MCOB 13, and updates by the Regulators, the UK Finance, and the UK legislations and regulations.
  • Work alongside key stakeholders and build effective relationships within the debt recovery team, and fulfill the requirements set out in the policies and procedures related to debt management function performed by the debt management officer.
  • Identify arrears patterns of borrowers and prepare a watch-list to monitor and prevent further credit deterioration, facilitate customer support, and protect the customers' and the Bank's best interests.
  • Provide guidance and support to the frontline business units in terms of Breathing Space to customers in financial difficulty or distress, vulnerable customer support, forbearance support, re-possession prevention, and debt recovery measures in connection with re-possession along the customer journey against the product cycles.
  • Making liaison with external legal counsels in pursuing debt recovery work and assisting the frontline business units for the appointment of a third-party legal counsel from the Bank's panel recommended by the Bank's legal team.
  • Maintain and monitor continuously debt recovery performance via quality assurance reporting, and provide guidance to the frontline business units.
  • Complete a quarterly debt management report with related data and MI, possible root cause analysis for outcomes, recommended remedial actions, and outcome analysis against cross-cutting rules and outcomes in a quarterly basis for Heads of business units.

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