Head of First Line Compliance
PensionBee, United Kingdom
Job Description
- Location: London office / remote working (UK Only)
- UK right to work required
- A salary of 50,000 plus competitive annual bonus and participation in equity scheme
- Reporting to the Chief Operating Officer.
***No agencies direct applications only***
For far too long, pensions have been difficult to understand. PensionBee (the ‘Company’) makes pensions simple and engaging, so that everyone can look forward to a happy retirement. We do this by helping customers move into a modern, mobile pension with PensionBee. Founded in 2014, we are a leading online pension provider in the UK, having become a household brand name. Whether customers want to get on top of their old pensions and combine them into one new plan, drawdown hassle free from the age of 55 or start a new pension, we have helped our customers to become ‘Pension Confident’.
PensionBee has grown rapidly and is listed on the Premium Segment of the LSE (IPO completed in 2021). As of the end of 2022, we have more than 3 billion in Assets under Administration from over 183,000 Invested Customers.
Requirements
Essential Knowledge and Experience Requirements
The ideal candidate will have at least 5 years of direct experience in the following areas of defined contribution pensions:
Pensions technical knowledge, including pension legislation, HMRC requirements, FCA requirements
AML / KYC knowledge of regulations and guidance, particularly as they apply to pension providers and experience with resolving complex KYC and AML issues (e.g. unavailable documentation, certification requirements, international relocation, etc.)
Death benefits, pension sharing order and ill health claims
Power of attorney rules
Transfer out rules, pension scams, regulations and due diligence, incl. QROPS
Identity theft, account takeover and other forms of online fraud
General knowledge of financial markets and investments
Key Activities
Maintaining compliance documentation
Authoring and maintaining detailed internal procedures and controls to implement the policies set by the second line with respect to financial crime, KYC, death benefits, transfers out, power of attorney, etc.
Authoring and maintaining external content and customer communications, including regulatory customer-facing documentation, KFD, pre-sales illustration, open market option statements, etc.
Day-to-day compliance operations
Advising customer-facing teams on compliance and risk procedures and considerations, helping them to identify solutions that deliver good outcomes for customers
Providing training and support to colleagues to ensure they are aware of their responsibilities including adherence to relevant internal procedures and regulatory expectations
Providing ideas and input on how to improve internal controls including through automation
Being the key point of contact for our second line of defense and supporting the key compliance processes
Financial crime procedures and controls
Performing financial crime related risk assessments and assessments of our control effectiveness
Helping to proactively monitor financial crime risk across fraud/KYC/AML
Communicating trends and insights into emerging financial crime related risks to senior management
Incident response and resolution
Engaging with colleagues across customer-facing teams to provide constructive support and guidance to help resolve incidents and potential incidents within operations
Being able to identify issues and assess their root causes both independently and with support across first line and second line Compliance and Risk
Regulatory implementation and new projects
Ensuring any relevant new regulation is complied with and new internal policies are embedded in the first line compliance area through detailed procedures and controls
Providing oversight of the new implementation as well as ongoing performance of controls, to ensure customer-facing teams are operating in line with internal policies and regulatory requirements
Supporting new projects and initiatives from a compliance perspective
Team Management
Managing a team of 2-4 Compliance Managers
Supporting the team with KYC sign offs and change of customer details
Processing Transfers Out, Death Benefits, Ill Health, Pension Sharing Orders and Power of Attorney requests/claims
Supporting the team to manage first line events, incidents and complex customer compliance queries
Providing appropriate support to our vulnerable customers
Developing the knowledge and skills in the team, providing guidance and conducting performance reviews
Candidate Profile
Relevant independent qualifications in AML and Fina