Regulated Recoveries Compliance Monitoring Officer

Shoosmiths LLP is authorised and regulated by the Solicitors Regulation Authority (SRA) and is also recognised as a multi-national practice with the Law Society of Scotland which regulates Scottish activities. Additionally, Shoosmiths (Northern Ireland) LLP, is a limited liability partnership registered in Northern Ireland and is authorised and regulated by the Law Society of Northern Ireland.

Shoosmiths LLP is also currently authorised and regulated by the Financial Conduct Authority (FCA) to carry out debt collection, debt administration and mortgage administration, as well as non-mainstream financial services of insurance mediation and investment services. 

Shoosmiths has four practice divisions, one of which is the Business Assurance Division (BAD). BAD has four departments one of which is Risk and Litigation Services (RLS). RLS has 6 teams, four of which provide FCA regulated recovery services and are collectively known as Regulated Recoveries.

The role reports to the Head of Regulated Recoveries Compliance. Shoosmiths Regulated Recoveries Compliance is part of the national Quality and Risk (Q&R) Directorate team, which leads and develops Shoosmiths 2nd line of compliance defence.  The dedicated Recoveries Compliance team primarily oversees compliance with relevant FCA, and other associated financial services regulation.  The Regulated Recoveries Compliance team provides independent monitoring of the design and operation of controls undertaken in the first line of compliance defence, as well as providing regulatory advice and facilitating risk management activities. This is primarily to support the Regulated Recoveries teams within RLS.

The Regulated Recoveries Compliance Monitoring Officer will provide monitoring and review support to the Recoveries Services Group across its offices in England, Scotland and Northern Ireland.

• To provide an effective and independent 2nd line of compliance defence, through the delivery of advice and oversight service to the Regulated Recoveries teams.
• maintaining an in-depth knowledge of the legal and regulatory environment relating to debt recovery and litigation in the financial services industry
• producing, maintaining and updating the Regulated Recoveries Compliance Review methodology
• inputting into the development of the Regulated Recoveries Compliance annual compliance plan
• planning and delivering compliance reviews to the standards and timescales outlined in the Regulated Recoveries Compliance Review methodology, and in accordance with the agreed terms of reference.
• producing high quality review documentation including clear terms of reference; working papers and Compliance reports.
• proactively recommending improvements and/or changes to policies and procedures to ensure ongoing compliance with legal and regulatory obligations
• presenting review findings to Regulated Recoveries Compliance management and agree appropriate action, including realistic timescales for completion of remedial actions
• developing and maintaining an effective system for tracking remedial actions though to successful resolution.
• Ensure that all employees are aware that customers should be treated fairly and fair customer outcomes are a key focus of the FCA
• supporting compliance projects and initiatives as agreed.

• Proven experience of working at a senior regulatory compliance position in an FCA regulated firm, preferably within the consumer credit environment.
• Detailed knowledge of the FCA control environment and knowledge of SRA rules (and changes as arising).
• Sound technical understanding of compliance, specifically in relation to FCA regulated mortgages and consumer credit products and the legal and regulatory framework surrounding them (and changes as arising) .
• Understanding of Data Protection Act (and changes as arising)
• Understanding of Anti Money Laundering Regulations, Proceeds of Crime Act and Money Laundering Regulations.
• Good influencing and negotiation skills.
• Highly organised and able to manage multiple responsibilities effectively whilst maintaining attention to detail.

The role holder will need the following skills and experience:-

• IT literate with experience of using Word, Excel and the internet
• Excellent written, numeracy and oral communication skills
• Accuracy and attention to detail
• Ability to prioritise, be organised and identify inefficiencies
• Ability to manage change, new practices and cope under pressure but with the ability to recognise when to seek assistance
• work on own initiative with cross Unit interaction
• Friendly and helpful approach
• Confidence to challenge current practices and processes and influence senior management.

Shoosmiths is a committed Equal Opportunities employer promoting equality of opportunity. This means that everyone who either applies to or works for the firm is treated equally, whatever their gender, age, ethnic origin, nationality, marital status, disability, sexual orientation or religious beliefs.