Compliance Manager - Isle of Man

  • £55k
  • Douglas, Isle of Man
  • Permanent, Full time
  • LMA
  • 25 Sep 16

This is a newly created role at a leading firm - this role will be based in the Isle of Man

This is a newly created role within a leading firm - the role whilst based in the Isle of Man will also have a dual responsibility for the UK business

Reports to: Primary reporting to Managing Director (IOM) witha secondary reporting to Head of Compliance and Risk, MLRO

Key Responsibilities:

  1. Support the Isle of Man office through the interpretation of regulatory requirements and application of rules and principles to any given event or compliance matter
  2. Develop and manage the supervision of the Compliance Monitoring Plan (CMP) relating to the Isle of Man office (including quarterly portfolio monitoring and reviews), ensure the CMP is kept to the timetable and ensure matters are escalated appropriately to Isle of Man Senior Management/Board
  3. Develop appropriate management information, including regulatory breaches, and ensure it is reported to the Board in the Isle of Man monthly or more frequently as required
  4. Maintain regular contact with senior management in the Isle of Man Office and provide input on regulatory policies, discuss compliance breaches/ remedial action and provide advice as required, in order to promote a culture of compliance and to identify the optimum course of action in all cases
  5. Manage the resolution of complaints against the Isle of Man office ensuring an accurate and timely response to the client and any regulatory body where appropriate
  6. Subject to Regulatory vetting, act as the registered Compliance Officer assisting the Managing Director with the Firm's relationship with the FSA
  7. Act as MLRO for IOM firm
  8. Liaise with the auditors and other third parties as required
  9. Resolve any actions required following inspections and audits
  10. Review Isle of Man FSA notices and good practice guidance, to determine applicability. Bring these to the attention of the business and advise on appropriate procedural amendments required
  11. Maintain an awareness of outside developments in the wider financial services sector, the compliance industry and regulatory trends in order to proactively raise potential issues of relevance
  12. Undertake other ad-hoc work/ projects as required and commensurate with the position
  13. Reviewing marketing material to be distributed by the Isle of Man office to ensure comply with Isle of Man FSA and company requirements
  14. Assisting with the collation of required documentation for clients of the Isle of Man office to ensure compliance with anti-money laundering and terrorist financing obligations
  15. Support the Compliance Team from the Isle of Man circa two/three days per week with various tasks including CMP, thematic reviews, ad hoc advice; and
  16. Coordinate and deliver annual AML refresher training for staff and senior management together with any other ad-hoc Compliance related training issues.

Personal Profile

The job holder must have:

  • an understanding of Isle of Man FSA and UK FCA and other appropriate regulations governing the conduct of wealth management, supported by practical industry experience.
  • clear understanding of Isle of Man AML/CFT and Financial Services Rule Books
  • the ability to write clearly and communicate matters concisely and in a timely manner to the appropriate persons.

The job holder must be a self-starter