Regulatory Development and Engagement Manager

Canada Life; Potters Bar; On-site; GBP 50,000 - 70,000; Full time

Job summary

A major financial services provider in the UK is seeking a Regulatory Relations Officer. The role involves developing relationships with regulators, analysing regulatory changes, and providing guidance across the business. Candidates should have a strong understanding of financial regulations, excellent communication skills, and the ability to work under pressure. This role offers competitive compensation and a range of benefits to support employees in their professional development.

Benefits

Competitive salary

Generous pension scheme

Private medical insurance

Life assurance

Flexible working arrangements

Qualifications

• Experience in life, equity release, asset management, and pensions businesses.
• Strong understanding of PRA and FCA handbooks.
• Ability to maintain effective working relationships with regulators.
• Ability to assess wider implications of changed practices on the business.

Responsibilities

• Support development of relationships with regulators.
• Analyse and interpret regulatory changes.
• Document regulatory developments and communicate their impact.
• Coordinate regulatory interactions and provide necessary reports.
• Deliver training on regulatory developments.

Skills

Excellent knowledge of business processes and controls

Detailed knowledge of regulatory frameworks

Excellent influencing skills

Good organisational skills

Analytical skills

Education

Regulatory or financial services qualification

Job description

Location

Hertfordshire

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 Effectiveness & Oversight, with significant interaction with both the Director of Compliance & Regulatory Affairs, and Chief Risk Officer, and as the core member of the Regulatory Relations Team, support the Director in the development and maintenance of effective working relationships with all regulators that the UK division interacts with (PRA, FCA, OSFI, CBI, and IOMFSA). Analyse and interpret regulatory changes and developments and maintain close business oversight to ensure that change is being implemented in a timely fashion. Work collaboratively with Risk & Compliance Business Partners to ensure the business areas impacted by regulatory change receive the necessary regulatory advice and guidance. 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 Effectiveness & Oversight / Director of Compliance & Regulatory Affairs on material regulatory issues and breaches that require escalation to the relevant Board and management committees.

3. Coordinate across Risk & Compliance, in particularly with Risk & Compliance Business Partners, and the wider business 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. Follow and maintain the CLUK Regulatory Development Standard.

• Coordinate across Risk & Compliance, in particularly with Risk & Compliance Business Partners, and the wider business 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. Follow and maintain the CLUK Regulatory Development Standard.

4. Initiate and, where appropriate, oversee 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).

• Initiate and, where appropriate, oversee 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).

5. Input to the provision of training to the business on regulatory developments as required.

• 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 some or all life, equity release, asset management 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.
• Have or currently studying for a regulatory or financial services qualification. (desirable)

Benefits of working at Canada Life

We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that's regularly reviewed. As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.

How we work at Canada Life

Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward.

We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That's why we offer a range of training, flexible working and opportunities to grow and develop.

Diversity and inclusion

Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we're making in DEI, and we continue for it to be a significant focus.

“At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all.” Nick Harding, Chief People Officer, Canada Life UK

We appreciate that everyone has different work and life responsibilities. We're happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you.