Location: City of London (hybrid)
Type: Permanent, full-time
Salary: Competitive base salary plus bonus and benefits
Function: SMF16 Compliance Oversight (FCA)
Sector: Commercial insurance (dual-regulated UK branch)
Role
A fast-growing specialist commercial insurer, focused on start-ups and small and medium-sized businesses, is establishing a UK branch of its European insurance carrier. The branch will be authorised by the PRA and regulated by the FCA, and the business is building its UK senior team ahead of its authorisation application.
This is a rare opportunity to be the founding compliance officer of a regulated UK insurance branch. You'll hold the SMF16 Compliance Oversight function, build the compliance framework from the ground up, and be one of the named individuals the regulators assess as part of the application. You'll work closely with the Head of Third Country Branch and report to the branch's governing body, with access to the wider group's leadership.
The firm's perimeter will be deliberately focused in the early years, and compliance monitoring will be supported by an external provider, so this role is about setting direction, oversight and judgement rather than running a large team on day one. As the branch grows, so will the function.
- Hold the SMF16 Compliance Oversight function for the UK branch once approved, and contribute to the branch's authorisation application, including regulator interviews
- Design and implement the branch's compliance framework, policies and procedures, proportionate to its business model and permissions
- Set and oversee the compliance monitoring plan, including the work of the outsourced monitoring provider
- Advise the business on FCA conduct requirements for commercial insurance, including the Insurance Conduct of Business Sourcebook, product governance and fair value, and the Consumer Duty where relevant to smaller business customers
- Oversee complaints handling, financial promotions and the firm's approach to customers in vulnerable circumstances
- Act as a key point of contact with the FCA and support the branch's relationship with the PRA
- Report to the branch governing body on compliance risk, breaches and regulatory change
- Work with the group's European compliance function so that group policies are applied appropriately to the UK branch
- Support the Senior Managers and Certification Regime arrangements for the branch, including Statements of Responsibilities and Conduct Rules training
- Experience of having personally held a compliance oversight function (SMF16, CF10 or an equivalent regulated role) at an FCA or PRA-regulated firm
- Strong knowledge of FCA conduct rules for general insurance, ideally including commercial lines, MGAs or insurers
- Experience of a new authorisation, a branch or subsidiary set-up, or a significant build of a compliance function
- Understanding of the dual-regulated environment and how the PRA and FCA approach insurers and third-country branches
- Confidence to challenge senior colleagues and to represent the firm in front of regulators
- Clear, practical communication suited to a fast-moving, technology-led business
- A relevant professional qualification (for example ICA, CII or equivalent) is an advantage but experience matters most
- Founding role in a well-funded, growing insurance business, with real influence over how the UK branch is built
- Competitive base salary, discretionary bonus and comprehensive benefits
- Hybrid working from a central London office close to Liverpool Street
- Exposure to the group's international leadership and the opportunity to grow the compliance function as the branch scales
- Support through the regulatory approval process from a specialist Senior Manager Function recruiter