IBA Manager

Optio; Greater London; Sur place; GBP 90 000 - 120 000; Plein temps

Résumé du poste

Optio is seeking an IBA Manager to lead end-to-end governance of Insurance Broking Accounts across onshore UK and offshore operations. You will oversee client money, premium collection, claims handling and ensure FCA CASS 5 compliance, with robust reconciliation and reporting.

Reporting to the Head of UMT, you will manage cross-location teams, drive process improvements, and collaborate with auditors, regulators and service providers to maintain high standards of controls and service delivery.

Qualifications

• Proven experience managing Insurance Broking Accounts (IBA) and client money within an MGA, broker, insurer or Lloyd's market environment.
• Strong working knowledge of FCA client money rules (CASS 5) and relevant regulatory requirements.
• Experience managing teams across multiple locations, including offshore or outsourced operations.

Responsabilités

• Own and control the IBA function, ensuring client, insurer and broker money is handled in compliance with regulatory client money rules and internal treasury policy.
• Manage the daily cash and banking cycle across all currencies and banking relationships.
• Oversee non-statutory trust accounts and ensure segregation of client money at all times.
• Ensure timely bank reconciliations with robust review and sign-off controls.
• Monitor cash collection cycle and area of focus like Unmatched Cash and Bad Debt Provision.
• Maintain control framework around client money calculations and resolution of shortfalls/surpluses.
• Act as main contact for auditors, regulators and compliance on IBA, cash and banking matters.
• Drive continuous improvement of IBA processes and automation of reconciliation and reporting.
• Provide management information on cash, banking and IBA performance to senior management and the Board.

Connaissances

Insurance broking

Treasury & cash management

Regulatory compliance

Team leadership

Offshore operations

Stakeholder management

Process improvement

Outils

Global XB

Description du poste

Job Title: IBA Manager (Insurance Broking Accounts)

Reports To: Head of UMT (Underwriting Management Team)

Location: UK Head Office (with oversight of offshore operations)

Department: UMT IBA & Operations

Job Purpose

The IBA Manager is responsible for the end-to-end control, governance and operational management of the MGA's Insurance Broking Accounts (IBA), including all client money, premium and claims handling in accordance with regulatory requirements (e.g. FCA CASS 5). The role leads and manages both onshore and offshore IBA/finance operations teams, ensuring accurate, timely and compliant cash and banking processes, robust reconciliation controls, and strong service delivery across all locations.

Key Responsibilities – IBA, Cash & Banking Management

• Own and control the IBA function, ensuring all client, insurer and broker money is handled in strict compliance with regulatory client money rules (e.g. FCA CASS 5) and internal treasury policy.


• Manage the daily cash and banking cycle, including receipts, payments, premium collection, claims payment runs, and return premiums, across all currencies and banking relationships.


• Oversee non-statutory trust accounts, (designated accounts) and ensure appropriate segregation of client money at all times.


• Ensure timely and accurate bank reconciliations across all IBA and operational accounts, with robust review and sign-off controls, and prompt investigation and clearance of reconciling items.


• Monitor cash collection cycle, focusing on Unmatched Cash, Bad Debt Provision and Uncollected Commission and paid Bdx Monitoring.


• Maintain and strengthen the control framework around client money calculations, ensuring accurate and timely completion of statutory client money calculations and resolution of shortfalls/surpluses.


• Act as the key point of contact for internal and external auditors, regulators and compliance teams on all IBA, cash and banking matters.


• Drive continuous improvement of IBA processes, controls and systems, including automation of reconciliation and reporting where possible.


• Produce accurate and timely management information and reporting on cash, banking and IBA performance for senior management and the Board.

Key Responsibilities – Team Leadership (Onshore & Offshore)

• Lead, manage and develop the IBA team across onshore (UK) and offshore (e.g. India, Europe etc) ensuring a single, consistent operating standard.


• Set clear objectives, KPIs and SLAs for onshore and offshore teams, monitoring performance and service quality, and holding regular performance reviews.


• Ensure effective resourcing, workload balancing and succession planning across both onshore and offshore teams to maintain business continuity.


• Build strong working relationships with any outsourced or third-party administration providers managing offshore IBA functions, including governance of outsourcing agreements and oversight visits.


• Standardise processes, controls and documentation across onshore and offshore teams to ensure consistency, auditability and knowledge transfer.


• Foster a culture of accountability, risk awareness and continuous improvement across the wider team, including training on regulatory and control requirements.


• Manage recruitment, onboarding, coaching and career development for direct reports and team leads within both onshore and offshore structures.


• Act as escalation point for operational issues, resolving conflicts and removing blockers across time zones to keep daily processing on track.

Key Relationships

• Head of UMT / CFO / COO/ CUO


• Compliance and Risk teams


• Insurers, brokers and coverholders


• Outsourced offshore service providers and third-party administrators


• Internal and external auditors, and regulators (e.g. FCA)


• IT/Systems teams supporting IBA and banking platforms

Skills, Experience & Qualifications

• Proven experience managing Insurance Broking Accounts (IBA), client money and cash/banking operations within an MGA, broker, insurer or Lloyd's market environment.


• Strong working knowledge of FCA client money rules (CASS 5) and relevant regulatory requirements.


• Demonstrable experience managing teams across multiple locations, including direct experience managing offshore or outsourced operations.


• Strong track record of bank reconciliation, treasury and cash management processes and controls.


• Experience working with policy administration and accounting systems (e.g. Global XB).


• Strong leadership, people management and stakeholder management skills, with the ability to influence across time zones and cultures.


• Excellent analytical, problem-solving and process-improvement skills, with high attention to detail and a strong control mindset.


• Effective written and verbal communication skills, including reporting to senior management and the Board.