Job Mission: to manage the Commissions/BACS processes, taking responsibility for delivering an excellent and efficient service, ensuring all transactions are completed within agreed SLA’s following documented procedures. Additional responsibility of Risk Owner for Financial Assets, Equipment and People ensuring Confidentiality, Integrity and Availability at all times.
Minimum of 5 years experience working within a direct debit/commissions department.
Minimum of 3 years in a management role.
A SME of the BACS/DD/ Commission Processing and System
Operational Excellence- Works to a high standard and continuously seeks opportunities to enhance personal performance, process/systems/service improvements within direct debit/commissions, ensuring BACS audits receive an “Excellent” in all categories and that BACS reclaims and rejections are processed within SLA.
People – Demonstrates integrity, respect, team work, leadership, and Management of the BACs/Direct Debit/commissions department, ensuring that the skills matrix and training plans are in place and that T & C procedures are adhered to.
Commitment – Displays willingness, enthusiasm and flexibility to task completion, leads by example.
Quality – Pays attention to detail, completes tasks in a timely manner, consistently produces quality outputs.
Risk - Adverse to risk taking and understands risk analysis to avoid undue risk to the business, works with compliance to ensure that the risks listed in the risk register have mitigating procedures in place as far as possible.
Security Awareness – Is SME on the securing and safeguarding of all finance Client Data, Client Money, Systems Infrastructure, People and Contractual/Legal and Regulatory
Minimum Qualifications required upon recruitment
Educated to A level standard or equivalent with Maths and English GCSE grades C and above.
A finance related degree or finance related qualifications.
IAQ or equivalent financial services overseer qualifications.
Daily Resource and Business Management
* Hands on management of the BACs, Commissions and Direct Debit payments ensuring adequate resource is in place to complete daily business. Contingency plan for unforeseen absences
* Ensure sufficient resource coverage to achieve all SLA targets, proactively forecasting and planning in readiness for changes to business volumes. Have regular meetings with the Resources Director to discuss capacity.
* Ensure that all business activities are undertaken with accuracy and in line with regulatory and client contractual requirements, reporting any breaches or complaints as soon as they occur.
* As required, act as “A” cheque and transfer authoriser and HSBC authoriser, ensuring quality checking and completion of paper work as per the Procedures for each client.
* Manage payment of income by BACS and resulting rejections
* Manage collection of direct debits by BACS and resulting rejections.
* Manage the terms of Business process in line with client expectation
* Manage accurate commission reporting.
Training & Development
* Maintain an accurate and detailed skills matrix for individual team members and use to compile a detailed continuous training plan to achieve a fully competent team
* Proactively manage the team’s completion of CBT modules, implementing additional training as and when required
* Regular and consistent communication to Bac’s/DD/ Commission staff ensuring staff are fully briefed on matters arising from the weekly management meetings, ISO27001 communication and key communication briefings and updates.
* Ensure staff have access, understand and adhere to all Operating Procedures at all times and abide by the ISMS in safeguarding the Financial Assets, Equipment and People.
* Compile detailed and relevant induction and training plans for new starters or when process change is introduced.
Performance & Quality
* Review the monthly MI (Breaches/Issues, Complaints and Financial Loss) and implement immediate performance/process improvement plans to eliminate further occurrences
* Compile to deadline accurate daily, weekly and monthly Management Information for internal and external reporting as required
* Set individual and team Objectives that are aligned to departmental and company performance measures (SMART)
* Deal with poor performance through initiating and managing, through to completion, Performance Improvement Plans, or if necessary Disciplinary or Capability hearings together with Human Resources.
* Undertake and evidence that half yearly and annual performance reviews have been conducted and T & C Folders updated to reflect the reviews
* Monitor service standards (internal and external), productivity levels, working practices and procedures to deliver service in the most effective manner.
* Implement quality control processes that eliminate errors.
* Participate in company wide projects
* Oversee all training and ensure that results are documented in T & C folders and that underperformers are retrained to the required standard.
Audit and Risk.
* Maintain the necessary controls to ensure that all changes to policyholder/IFA records are correct and that policyholder data is maintained securely.
* Manage and develop effective and efficient work processes for all teams by constantly reviewing and revising as necessary, working practices to increase productivity and reduce costs.
* Ensure that the team(s) is prepared for corporate/auditor/regulatory visits. Implement agreed actions from audit reviews against defined deadlines.
* Ensure all operating procedures are documented and reviewed routinely and at least annually and any changes are updated accordingly.
* Report all breaches within 24 hours to Compliance, investigate and complete RCA within 5 days.
* Ensure the risk Register is updated on a monthly basis by liaising with compliance, and risks managed accordingly.
* Take full responsibility for all current and future IS027001 Client Financial Assets, Equipment and People under your remit implementing controls, documenting procedures and regular risk assessment reviews.
* Be available when required to attend ISO27001 external audits.
* Work in accordance with OPAL’s consumer duty policy.
Essential knowledge and experience required at recruitment
* Proven people management experience.
* Minimum qualifications of A-level standard or equivalent
* Good inter-personal, organizational and communication skills.
* Ability to work, at times, in a pressurized and fast moving environment.
* Ability to adapt to change with a flexible approach.
* Experience of working within the Financial Services Industry
* Good understanding of FCA regulation (CASS, COB, SYSC)
* Ability to train and develop people to produce quality output.
Additional knowledge required to become fully competent
* Knowledge of ISA, Investment/Life products premium collection processes.
* Knowledge of regulatory rules of ISA’s, Investment/Life products.
* Knowledge of full indemnity and trail commission
* Knowledge of reconciliation process
* CFP Qualified/ IOC (to cover Investment Overseer requirement ie. activities 16 & 18)
* Knowledge of ISO27001 policy and controls.
Performance Management
Responsible for managing and leading first class BACs/DD/Commission function.
Process Complexity
* Attaining consistency and control across a wide span of complex procedures and practices.
* Improving quality, staff development and business conservation.