Financial Advice Market Review  

FCA offers up to £84k for manager of advice unit

FCA offers up to £84k for manager of advice unit

The Financial Conduct Authority is looking for someone with “deep knowledge” of the advice market to lead its advice unit.

The regulator is advertising for a manager, technical specialist and senior associate for the unit which will focus on new advice models.

Once hired, the team will build and develop the unit to support firms in developing automated models to deliver affordable advice.

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The job description for manager of the advice unit said: “This is high-profile and important work. It will be scrutinised internally and externally – including by media and politicians.

“Your work will be both varied and extremely challenging.

“You will have a unique opportunity to understand and shape the development of innovative ideas in the financial advice sector and to have impact and influence on firm behaviour, delivering good outcomes for consumers in the financial advice market.”

The advice unit was launched in June after being announced in the Financial Advice Market Review report.

It will focus on helping firms develop fully or partly automated online services and other models that use technology to deliver low cost advice.

As well as “deep knowledge” of the advice market the unit’s manager will need “excellent knowledge” of regulatory requirements and “good appreciation” of how technological developments can positively impact consumers’ access to advice.

The FCA is offering a salary range between £64,000 and £84,000 for the unit’s manager.

Meanwhile the unit’s technical specialist is being offered between £64,000 and £88,000 while the senior associate could receive between £43,000 and £57,000.

The advice unit’s technical specialist will need a “solid understanding” of the business models of advice firms, a willingness to embrace new ideas and a “very strong” understanding of the regulatory regime surrounding financial advice.

Finally the senior associate will require experience of providing advice on how automated advice models relate to the FCA’s regulatory framework and a strong interest in innovation.

Advisers who apply and are selected to receive guidance from the unit will have to demonstrate their potential to deliver lower cost advice to “unserved or underserved consumers” and offer “genuine consumer benefit”.