Regulatory Development & Engagement Manager

Canada Life Limited
Potters Bar, United Kingdom
15 Nov 2022
15 Dec 2022
Job Function
Industry Sector
Finance - General
Employment Type
Full Time
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.

Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.

Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.

Job Purpose
Working under the overall direction of the Head of Compliance Technical, and as a core member of the Compliance Technical team, support the Director of Compliance & Regulatory Affairs in the development and maintenance of effective working relationships with all regulators that the UK division interacts with including the Canadian regulators (PRA, FCA, CBI, IOMFSA and OSFI).

Analyse and interpret regulatory changes and maintain close business oversight to ensure that the technical regulatory advice and guidance to the business areas within the UK division remains robust and appropriately targeted.

Some travel to other office locations and regular travel to London is essential for this role.

Key Accountabilities
1) Horizon Scanning, Business Impact, Communication
• Act as a technical resource for the company on regulation and regulatory developments, assessing and communicating the impact of regulatory changes and key intelligence to the business. Deal with queries received from the business in a focused and timely manner.
• Document and deploy a comprehensive range of intelligence gathering approaches to maintain awareness of relevant regulatory developments across all regulators that the UK division interacts with (in the UK, Europe and Canada), and government departments (including HMRC) and Trade Bodies by maintaining a log of all regulatory changes and their status.
• Keep own knowledge up to date and anticipate future regulatory developments. Review key information sources (e.g. websites, information feeds and attendance at industry groups) to identify relevant regulatory changes and key intelligence.
• Interpret new regulatory proposals and assess their possible application to CL UK division, as well as other potential market and strategic implications.
• Monitor and report progress of the implementation of regulatory changes and provide relevant MI to the Head of Compliance Technical.
• Provide regular summaries and, when appropriate, analysis of relevant regulatory communications and papers, for Board, Executive and management committees and relevant staff (targeted at the needs of the audience).

2) Lead on the coordination of regulatory interactions:
• Maintain a constructive relationship and close understating of matters arising with all regulators that the UK division interacts with.
• Provide support to Board members and management in preparing for regulatory meetings.
• Manage the flow and turnaround of regulatory requests. Maintain a log of regulatory communications ensuring timely closure of actions.
• Provide relevant reports to the Head of Compliance Technical / Director of Compliance & Regulatory Affairs on material regulatory issues and brches that require escalation to the relevant Board and management committees.
3) Coordinate with the Business Support team and other technical areas to ensure a consistent approach across the businesses within CL UK division and common understanding of regulatory developments. This will include ensuring ownership of timely and appropriate implementation actions, and where appropriate coordinating responses to regulatory papers.
4) Initiate and, where appropriate, lead the process to implement regulatory changes, working with the 2nd Line compliance team, project office and in the wider business as required (in particular projects related to implementing regulatory changes). Work independently and assist the Head of Compliance Technical developing compliance strategy
5) Input to the provision of training to the business on regulatory developments as required.

Desired Knowledge / Experience / Skills
• Excellent knowledge and experience of required business processes and controls within life and pensions businesses.
• Detailed knowledge and thorough understanding of regulatory frameworks and requirements (e.g. PRA and FCA handbooks).
• Willing and capable of taking difficult decisions to progress issues, and able to assess when matters need to be escalated.
• Sound judgment in balancing regulatory requirements with business needs and a willingness and ability to deliver difficult messages effectively to senior management.
• Excellent influencing skills which are effective at all levels of the organisation including oral communication skills that can adapt to the audience.
• Good organisational skills, able to work under tight deadlines (particularly during periods of faster flow of regulatory communications).
• Maintain effective working relationships with regulators, colleagues, business unit leadership teams and other governance functions.
• Analytical skills and ability to assess wider implications of changed practices on our business.
• Accurate and succinct oral communications and report writing skills.

University degree level qualification or equivalent.
Have or currently studying for a regulatory or financial services qualification.

What you'll like about working here
As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You'll also receive the support you need with your personal and professional development.

Diversity and inclusion
Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences