General Manager - Market Conduct and Onsite

The Financial Services Regulatory Authority was established in terms of the Financial Services Regulatory Authority Act, 2010 as an independent body corporate with the principal objectives to foster regulation and prudential supervision. 

This position is responsible for the strategic direction and implementation of sustainable market conduct regulation, licensing, financial risk management, Anti Money Laundering, and Counter the Financing of Terrorism (AML/CFT) supervision to ensure financial inclusion and consumer protection.

Key Responsibilities

• Develop and drive market conduct strategy through licensing and compliance, financial inclusion and AML/CFT control functions.
• Lead the development and implementation of a variety of regulatory tools to enable the performance and achievement of the FSRA’s strategic and operational objectives.
• Contribute to the development of the FSRA groupwide supervision frameworks
• Review and implement market conduct policies and procedures in support of the FSRA’s mandate. 
• Create awareness of regulatory requirements and expectations for embedding good conduct to ensure fair outcomes for consumers and stakeholders.
• Lead integral corporate governance efforts to assist the FSRA with market regulation compliance.
• Drive the financial inclusion agenda for the industry to ensure that the FSRA achieves consumer protection & inclusion.
• Establish credible deterrence policies for poor consumer, stakeholder and market outcomes. 
• Develop and oversee controls to minimise and deal with violations of regulations and introduce additional educational and consumer awareness mechanisms to maximize compliance and drive positive behavioural changes in the non-bank financial sector.
• Act decisively and visibly against misconduct in order to maintain and support confidence and integrity in the financial sector. 
• Research and keep abreast with regulated market environment best practice and legislation. 
• Build and manage internal relationships to assist in information sharing to support the delivery of key issues.
• Foster external collaboration and cooperation with international and domestic counterparts and other regulatory authorities to enable regulators to combat cross-border crime and misconduct through the sharing of information and by assisting with investigations.
• Supervise non-bank financial services and perform periodic leading and regulatory onsite reviews.
• Manage the assessment of AML/CFT risks through the assessment of risk profiles and risk ratings of accountable institutions.
• Lead the proactive and timely completion of Investigations on infringements. 
• Identify and highlight high-incidence cases, changes in industry behaviour and consumer education needs, to inform the FSRA’s supervisory and regulatory activities and focus. 
• Oversee AML/CFT offsite surveillance and onsite examinations for financial services providers.
• Report on AML/CFT findings identified from inspections and recommend compliance measures
• Supervise market conduct to limit market abuse tendencies and provide entity concerns
• Periodically perform analysis of market conduct and propose amendments to legislation in response to market behaviours in adherence to international industry standards.
• Lead teams to monitor and investigate concerned parties and provide advice to manage risk
• Build and maintain stakeholder relationships in the preparation and submission of reports on industry conduct, compliance and industry developments.
• Recommend entities that qualify to be granted licences through the agreed FSRA guidelines, processes, and timelines.
• Prepare and manage departmental annual budgets.
• Recommend relevant trainings for internal teams for developmental purposes

 Minimum requirements 

• A Master’s Degree in Finance, Law or Economics.
• 10 years relevant working experience including 5 years in a senior management role.
• Must possess a Management/Leadership Development Program certificate from a reputable business school.
• Working knowledge of the Financial Services Regulatory Authority Act 2010, financial services laws and Money Laundering and Financing of Terrorism Prevention Act 2011
• Knowledge of international standards on AML/CFT issues.
• Considerable knowledge of non-bank financial service regulation and market practice
• Experience in risk management to identify trends and future regulatory requirements
• Strong internal and external stakeholder management skills
• Ability to interpret and apply legislation
• Excellent interpersonal and communication skills verbally and in writing on legal matters