Senior Associate

The Role

We are looking for a Senior Associate to join the Fixed Wholesale Insurer Supervision Team in the Market Interventions Insurance Division.

As a Senior Associate, you will play an important role in the development and delivery of the supervisory strategies for Wholesale General Insurance firms. Through your understanding of regulation and firms’ business models, culture, products and customer, you will be responsible for ensuring that firms proactively mitigate conduct risk drivers of harm in a timely, rigorous and effective manner. In addition to that, you will have an opportunity to get involved in cross-firm work giving you an overview of varying practices across the market which will not only help you shape the supervisory strategy for the firms you are responsible for but also broaden your understanding of the market.

What does the role involve? What are the key responsibilities?

You will be part of team supervising global wholesale insurers. This is an excellent opportunity to develop your career within the FCA, to gain or improve your technical knowledge and expertise within this market sector and create valuable contacts across the industry and other regulatory bodies.

As a Senior Associate, you will have the following accountabilities and responsibilities:

- Help manage day to day relationships with key insurers in the wholesale insurance market, engaging with the most senior levels of management and governance at that firm
- Use experience, knowledge and professional judgement to make complex risk-based decisions e.g. on operational matters at a firm. Decide which critical and strategic decisions will be escalated
- Implement plans and actions arising from our agreed firm supervision strategies and make a significant contribution to setting the future strategy, in order to manage risk drivers of harm to consumers or to the integrity of the market
- Prepare sensitive or complex written documents in accordance with FCA tone, managing communication plans to deliver key messages internally and externally
- Get involved with cross-Divisional projects

What will you get from the role?
- You will be a key part of a diverse and experienced team of colleagues with a wide range of backgrounds, who pride themselves on their supportive and collaborative approach to the task.
- You will be given a high degree of responsibility and empowerment, making important decisions and helping to make a difference to the financial well-being of consumers and to the insurance market.
- This will be an opportunity to contribute to and influence the FCA’s approach to conduct supervision of insurance.
- You will have influence over supervisory strategy and changing firms' senior management behaviour.
- There is training and support available for this role including from experienced colleagues and via formal training.
- This will give you an opportunity to work with colleagues across the FCA and other regulatory bodies and agencies.
- You will be working in a high-energy and stimulating division, within a supportive environment that continually seeks to develop staff members.

Skills/Experience Required

Minimum
- Supervision experience and/or experience performing a similar role within a regulated firm (such as in audit or compliance); or
- Experience conducting external reviews of regulated firms whilst working in an external audit or consultancy capacity.

Essential
- Strong communication and organisational skills.
- Effective stakeholder engagement and interpersonal skills; able to both pose and respond to constructive questioning and challenge.
- Strong delivery ethos, team ethic and collaborative approach.
- Experience of delivering strategies to mitigate risks and identified failings using a range of tools including early intervention and investigative tools.
- Experience in dealing with contentious issues, taking decisive action and delivering difficult messages.
- Able to work under pressure, manage a variety of competing work streams and issues and, prioritise accordingly.
- Good understanding of the general insurance market; insurer and intermediary business models; and conduct risks.

Desirable
- Good understanding of our Approach to Supervision with a proven track record of compliance with related policies and procedures.
- Practical knowledge of our Principles and Handbook rules and requirements and related guidance.
- A sound understanding of good governance and risk management practices and frameworks.
- Project management skills.

About the FCA

At the FCA, we’re creating a fair and more resilient financial system. We’re establishing more transparent relationships between financial services and their customers, building trust in financial markets and protecting vulnerable consumers.

Divisional Information

The Insurance Division of Market Interventions is responsible for the supervision of around 6,000 regulated life and general insurance firms, ranging from high street intermediaries to