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Head of Retail & Institutional Compliance

Information About This Job

Job Title: Head of Retail & Institutional Compliance
Contract Type: Permanent
Location: London
Industry:
Salary: Highly Competitive Salary
Contact Name: Mark Foy
Contact Email: mfoy@lawsonchase.com
Job Published: about 1 month ago

Job Description

Our client is a globally known asset management firm who are now seeking to hire a Head of Retail & Institutional Compliance. This role will be based in London and is offering an extremely competitive salary package.

 

About The Role

In summary, the primary purpose of this job is to provide leadership and direction to Compliance advice, monitoring and training in respect of all distribution activities, both retail and institutional. 

The role will represent compliance in all retail and institutional distribution matters, including but not limited to the following:

  • Retail Customer Interests initiatives (including TCF)

  • Retail Product Development

  • Retail Joint Ventures (ICICL & Optimum)1 

  • Fund board and ACD reporting (including where appropriate AIFMD matters)  

  • Retail Financial Promotions  

  • Complaints & Ombudsman

  • Institutional distribution (including Investment Trusts, RFPs, private placement regimes, Hedge Funds)2  

  • Trustee & TPA relationships

  • Client Money (CASS / CMAR)3

  • Gabriel Reporting

The job holder must possess a high degree of credibility and be someone who brings demonstrable leadership to this role and who will be proactive in advising the business regarding regulatory matters and overseeing business adherence to the letter and spirit of the applicable regulations. 

The job holder will manage a team of 3 staff and be a member of the senior compliance management team.  

 

About The Department

The Compliance team comprises approximately 25 employees (excluding the Global Head of Compliance) who oversee all business activities in the UK, Europe, the United States, Asia and Australia.

The mission of the Compliance Department is to promote and encourage adherence to the regulatory obligations and rules to which management and staff are subject.  The aim is to assist the group in developing a culture where its business is conducted within both the letter and spirit of the applicable laws and regulations in the interests of our customers and to minimise the risk of reputational damage or regulatory sanction.  In achieving these objectives we will manage relationships with our regulators, provide advice and guidance to our business partners, monitor the activities performed by the group and provide training when required. 

Specific departmental functions are:

  • Providing training on regulatory issues;

  • Monitoring, assessing and reporting on business conduct and adherence to applicable regulations;

  • Advising on the continual development of appropriate procedures to manage and mitigate regulatory risk; and 

  • Managing our external relationship with regulators.

 

Key Responsibilities

  • To manage the Retail & Institutional Compliance team so that they provide an effective assurance function covering all activities falling under the Global Head of Distribution, and, where applicable, functions relating to Client Money and retail administration falling under the Chief Operating Officer. 

  • To support the Global Head of Compliance in reporting on distribution matters to senior committees and boards, product boards and in all communications with the FCA or other regulators in respect of retail products or distribution activity generally.     

  • To be the lead the compliance officer for the Retail Joint Ventures (Optimum and ICICL) attending the JV boards and all governance committees.  

  • To be the lead compliance officer supporting product developments, including cross border management and distribution issues relating to UK and European funds.  

  • To be proactive in ensuring that the business (including to the Executive Committee ) receives relevant training on regulatory issues (including the application of compliance policies) which may have an impact on the business.

  • To champion and embed a culture of effective management of regulatory risk within the business.

  • To keep abreast of new regulatory developments and rules, assess their impact and ensuring appropriate action is taken; in particular developments relating to:

    • Retail Distribution Review

    • Product Life Cycle and TCF initiatives

    • Packaged Retail Investment Products (PRIPS)

    • Client Money 

    • UCITS V and ESMA Guidance

    • AIFMD (marketing & disclosure aspects).

  • To ensure that the Distribution business area (including Product) champion and embed a culture of treating customers fairly and client centricity in a client-led and client focused business.

  • To ensure that Compliance policies and procedures are updated to meet the needs of the distribution teams and when regulatory changes arise.

  • To support and provide advice to global compliance teams on distribution and product matters.

 

Key Relationships & Contacts

  • Global Head of Compliance

  • Global Head of Distribution

  • Managing Director, Distribution

  • Head of Hedge Funds

  • Head of Investment Trusts

  • Head of EMEA Institutional Distribution

  • Chief Operating Officer

  • General Counsel and Head of Legal

  • Heads of Internal Audit and Operational Risk

  • External Auditors 

 

Key Skills & Competencies

  • Leadership: sufficient leadership gravitas to demonstrate to internal and external stakeholders that the compliance function in respect of all Distribution activity is well led.  

  • Management: sufficient management experience and discipline to manage a compliance team focussed on all Distribution activity. 

  • Technical expertise: technical expertise in the key regulatory issues and rule areas impacting Distribution, including but not limited to:

    • Systems and Controls rules 

    • Conflicts

    • Financial Promotions and Private Placements

    • Inducements and the Retail Distribution review

    • Retail product development and TCF

    • UCITS and AIFMD

    • Client Money.

  • Teamwork: the ability to work in multiple teams and leverage internal and external networks.

  • Communication and gravitas: required to represent compliance to internal and external stakeholders.

  • Problem-solving: ensuring complex regulation and its impact are communicated effectively ensuring practical and efficient advice if provided.  

  • Change management: to anticipate regulatory changes or business changes having a regulatory impact and to communicate issues and remedial plans to the business. 

 

Experience & Qualifications

At least 10 years’ experience of asset management compliance, including significant experience with retail products and distribution.

Ref: | Published: 11th Sep 2017