Payments & Sanctions Analyst

Salary Circa £34,000

Location London & Homebased

This is a Permanent, Full Time vacancy that will close in {x} days at {xx:xx} BST.

The Vacancy

The role is responsible for ensuring all compensation payments are processed accurately, ensuring issues are resolved and daily targets are met.

My Priorities – what I will deliver

Payments

Responsible for carrying out the daily compensation payment process, ensuring that it is completed each day with the relevant SLAs met.
Responsible for ensuring all outgoing payments are reviewed and processed in accordance with the schemes policies.
Responsible for ensuring all systems are aligned and showing a true reflection
Oversee the resolution of any issues, working with the relevant teams across the business, and liaising with our bankers where necessary.
Responsible for dealing and resolving payment queries received internally and externally

Sanctions compliance

Review potential sanctions matches where appropriate, including those escalated by our claims processing partners.
Identify where further information/ID is required and work with internal teams and external parties to obtain.
Perform further due diligence on corporate and personal customers where required.

Process Improvement

Identify opportunities to improve the process and act effectively in taking them forward as appropriate

Other

Responsible for cash management, ensuring the accounts are maintained and within balance
Prepare relevant accounting journals to update finance ledger system
Prepare relevant KPIs and scorecard metrics
Take on support and supervisorial tasks allocated by your manager.

My Knowledge – what I need to know

Demonstrate knowledge of payment methods, processes and systems
Demonstrate knowledge of sanctions compliance
Understanding of basic accounting concepts
Highly attentive and demonstrate keen attention to detail
Successful evidence of liaising with a range of stakeholders across jurisdictions both internally and externally
Deliver outstanding customer service to our suppliers, stakeholders and customers through interactions with them
Demonstrate proactive and excellent communication skills across all platforms of communication
Evidence proactive approach for the best outcome for the customer
Demonstrate ownership and accountability for own responsibilities
Basic excel skills

About Us

For the past 21 years, FSCS has been getting customers of failed authorised financial services firms back on track.

Our strength is in our numbers. Since 2001, we have helped 6.5m customers and paid back £26bn in compensation. Over the years we have continually strived to be better, faster, and more empathetic to our customers’ needs in an ever more complex financial world. Our people have worked together to make sure we can offer protection and reassurance every step of the way, even during the toughest of times over the last two years. FSCS is an organisation that makes a difference, and in which our people truly make a difference.

We have grown from modest beginnings in 2001 to helping customers during historic events such as the 2008 banking crisis and supporting vulnerable customers during the pandemic. As a result of this success, FSCS has become increasingly respected, insightful, and influential in the regulatory eco-system. It is an exciting time in our journey as we now have an opportunity to play a bigger role in breaking the cycle of rising consumer harm and costs; by being part of a system that is about prevention rather than cure.

Our Strategy

What we are aiming for
We shall respond to large and complex firm failures, whilst maintaining our seven-day pay-out for savers in banks, building societies and credit unions. We will actively contribute to increasingly effective resolution when firms fail.

Why this matters
FSCS needs to contribute to public confidence and financial stability by being ready to respond when called upon across the full range of protected products.

Our approach

Maintain well-tested contingency plans, backed by necessary capabilities and robust customer information.
Collaborate with industry to improve the customer information we rely on for payouts.
Improve our ability to respond quickly to investment and insurance failures.
Work with industry and regulators to improve resolution arrangements.

What we are aiming for
FSCS is known and trusted for protection that puts people back on track through outstanding customer experience.

Why this matters
Customer expectations are rising. The service our customers receive must meet their expectations in terms of speed, accessibility and ease of use, in order to maintain consumer trust and confidence.

Our approach

Exploit digital technology to create the service our customers expect, at lower cost to our levy payers.
Improve the speed of our service by eliminating time and process inefficiencies, particularly with third parties.
Exploit our new strategic partnership - by drawing on our partner's expertise, scale and experience.
Provide continuity of cover for policyholders in failed insurance companies.

What we are aiming for
We shall raise awareness of FSCS protection across all of the products and services we protect, particularly retirement savings products.

Why this matters
Awareness of, and trust in, FSCS protection maintains confidence in a crisis. Awareness also helps to inform people's choices by increasing their confidence in buying protected services and understanding the risks of unprotected products.

Our approach

Partner with the industry to raise awareness of FSCS protection across all protected products and services, focusing on retirement savings initially.
Engage with consumers and provide information to help people understand protection and make informed decisions.
Encourage customers of failed firms to come directly to FSCS with their claim.
Work with our stakeholders to provide joined-up and easy to access information about FSCS protection.

What we are aiming for
We shall collaborate with the regulators and industry to prevent future failure and to reduce future compensation costs.

Why this matters
FSCS compensation costs are rising fast - we project that compensation may rise from £405 million in 2017/18, mainly driven by escalating pensions claims. These costs put pressure on firms' finances and are passed on to consumers.

Our approach

Commit to joint action with the regulators and industry to identify and address the root causes of mis-selling and other conduct issues which drive failure and compensation costs.
Ensure consumers are alerted more quickly to vulnerabilities and risks as they emerge.
Work with our partners to improve co-ordination across government, industry and regulators, ensuring insights and intelligence are generated and acted on.
Feed back lessons learnt as a creditor and from recoveries activity, including working with the insolvency and insurance markets.
Develop FSCS' own capability to provide actionable intelligence.

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