Compliance Manager, Farewill
£50-70k
+ Stock options
2-5 days a week in office (Haggerston, London)
Wills, probate, and cremation service
Job no longer available
Wills, probate, and cremation service
21-100 employees
Job no longer available
£50-70k
+ Stock options
2-5 days a week in office (Haggerston, London)
21-100 employees
Company mission
To change the way the world deals with death.
Role
Who you are
- The ideal candidate will be an ambitious self-starter with good knowledge of FCA regulation and a desire to apply this knowledge in a rapidly evolving start-up environment
- Minimum 5 years in compliance
- Minimum 2 years in compliance in an FCA regulated business
- Able to pass certified role tests, this means: (1) fit & proper tests; (2) assessment of conduct and competence for role; (3) regulatory references
- Smart, pragmatic and able to prioritise limited time and resources to get stuff done
- Great communicator who can synthesise complex information to key actionable points that busy stakeholders around the business can understand and comply with
- Organised and reliable, a safe pair of hands who will properly manage our risks and will not drop any balls
- Intellectually curious and will keep abreast of regulatory developments and what these mean for our business
- Commercially-minded, you use your expertise to support the business (i.e. finding the least onerous ways to stay compliant rather than smothering us in unnecessarily manual processes)
What the job involves
- We are looking for an ambitious Compliance Manager to be responsible for overseeing and managing our compliance function, ensuring that our company and team are adhering with internal policies and procedures as well as with regulatory requirements. This is a great growth opportunity to define a new role within our growing company, and within a dynamic and growing Finance, Legal & Compliance team
- This is an exciting time to join Farewill: we are in the process of gaining FCA approval to launch our first financial product, funeral plans, so our Compliance Manager will play a critical role in our growth plans. We are looking for someone who can be our in-house expert on FCA regulation and help us nail both the approval process and our ongoing regulatory requirements
- As well as owning our management of FCA regulation, you will also own our risk register and the ongoing management and mitigation of all our risks
- You will report to the Head of Legal and Compliance, and work alongside two lawyers who are experts on wills and probate, and also knowledgeable about SRA regulation. Together, the four of you will be responsible for all of Farewill’s compliance, risk, insurance and legal management (and likely some related projects too, we are a start-up after all!)
- Get FCA approval: As our in-house FCA subject matter expert, you will be responsible for getting our Farewill Funerals entity through the final steps in our FCA approval process. You will then own our ongoing compliance requirements, including staying informed about future developments, and translating your knowledge into internal processes and controls to keep us compliant
- Manage our risks: You will take ownership of our risk register and build out processes to identify, manage and mitigate future risks as our company evolves and scales
- Enable growth: We are a scaling company with big ambitions and we get things done fast
- Create and lead the execution and continual improvement of Farewill Funeral’s compliance framework and associated control practices and methodologies regarding the funeral plans industry and FCA requirements
- Ensure FCA requirements regarding SMCR are embedded across the business and regulatory standards are maintained via appropriate policies and procedures
- Continuously improve the risk management function, including being responsible for the accuracy of the risk register and hold risk owners account to their assigned risks
- Create insightful reporting on the effectiveness of our compliance activities and risk management
- Advise and assist the business to understand the impact of FCA regulation; ensure requirements are adopted into approved policies and procedures, new and existing products and services, and complied with, and considered appropriately in all key business projects and programmes
- Horizon scan and understand the impact of applicable legislative changes
- Create and provide training programmes to reflect compliance requirements and ensure employees are aware of their key regulatory responsibilities
- Manage incidents/breaches with relevant stakeholder engagement to ensure quick and appropriate remedying actions are carried out
- Work cross-functionally to design and implement a joined up approach to complaints including response management, root cause analysis, improving processes to reduce future complaints and appropriate reporting
- Work with the VP Engineering to maintain a high standard of data protection processes and ensure our impact assessments are carried out sufficiently, with potential risks to the rights and freedoms of individuals quickly rectified and mitigated
- Support the team with legal operations, including policy & compliance monitoring across the wider company
Salary benchmarks
Our take
In the UK, the majority of wills and probates are made by solicitors or will-writing firms. However, these are often extremely expensive and not affordable for most people.
A growing number of DIY will services have popped up over the last few years, but most have poor user experience and no real support beyond the form itself. Customers are required to read 10-20 pages of legal documents and decide what applies to them. Farewill's technology asks simple questions and generates legal text. Wills are important legal documents, and so each will is still checked by a specialist. Customers to date have raised hundreds of millions of pounds in charity by leaving a gift in their will.
A competitor in the US (Willing) has taken the freemium route, referring customers to funeral services to make money. However, Farewill believes it can provide a better experience if the product is paid for. Farewell is also partnering with UK companies to provide the service as a perk to their employees, a novel distribution method.
Since launching in 2015, the company has also delved into funeral services. By blending smart technology, Farewill prides itself in dealing with all aspects of death and is committed to making this process faster and fairer for people all over the UK.
Freddie
Company Specialist at Welcome to the Jungle
Insights
-2% employee growth in 12 months
Company
Funding (last 2 of 5 rounds)
Jul 2020
$26.4m
LATE VC
Jan 2019
$9.9m
SERIES A
Total funding: $37.7m
Company benefits
- £1000 and 3 days a year to spend on your development
- 28 days holiday and flexible working, dependent on your role
- Regular team lunches and socials
- Stock options
- An unlimited Santander Cycles pass, free fruit and snacks, a beautifully bright office in Haggerston and – most of all – the chance to have a real impact on people’s lives
Company HQ
Haggerston, London, UK
Leadership
Dan Garrett
(CEO)They studied Global Innovation Design at the Royal College of Art. They also have a Masters degree in Structural Engineering and Global Innovation Design.
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