Senior Compliance Advisory Manager, Monzo
£86-100k
+ Share Options
Digital-only bank platform and marketplace
Open for applications
Digital-only bank platform and marketplace
1001+ employees
Open for applications
£86-100k
+ Share Options
1001+ employees
Company mission
To build a new kind of bank that makes money work for everyone.
Role
Who you are
- We’re looking for a pragmatic, collaborative and experienced senior compliance manager with deep knowledge of FCA rules and associated regulations, who is passionate about Monzo's mission to make money work for everyone
- This role requires strong communication & collaboration skills with a ‘ hands-on ’ approach, to ensure that regulations are fully understood, our products are ‘compliant by design’ and our customers' needs are being met
- You have in-depth experience of the Consumer Duty and advising on regulatory requirements for investments and pensions
- You like to be where the action is and thrive in fast paced environments where you can take the lead and shape new products and initiatives by building strong, mutually respectful relationships
- You are a strategic thinker, a strong communicator and a keen problem solver who knows how to assess risk and recommend solutions that balance business and risk perspectives
- You have hands-on regulatory experience, such as a practical understanding of relevant regulation regarding some or all of retail investments, pensions, insurance, and savings having ideally spent time in house at a bank, investment platform, and/or financial technology company advising on regulatory conduct compliance matters
- You have working knowledge of the role of the Risk and Compliance function within the 3 lines of defence model
- You're self-motivated, highly organised and focused on executing well
- You're able to work independently and with changing priorities
- You’re able to build strong, mutually respectful relationships with diverse teams
- You have a genuine interest in the role of Compliance and recognise the value of compliance being a competitive advantage in a business like Monzo
- You have a passion for compliance and are excited about the future of banking and want to work with us to shape it
What the job involves
- We’re looking for a Senior Compliance Advisory Manager to join our second line of defence (2LoD)
- This role will have day-to-day responsibility for advising on compliance matters associated with Monzo’s Wealth Collective covering Pensions, Investments, Savings and Insurance products in the UK, reporting directly to Monzo’s Senior Compliance Advisory Team Manager
- This role will partner directly with our Product teams to ensure we fulfil our Consumer Duty requirements, launch products safely and adhere to key regulatory compliance obligations.
- This will require experience of advising on the requirements of the FCA sourcebooks whilst also having a grounding in the retail banking and payments landscape and requirements more widely
- Proactively working closely with the Product teams in Wealth to provide clear and accurate technical or specialist compliance advice across:
- A number of areas (FCA Handbook primarily, though not exclusively, COBS, ICOBS, BCOBS, PRIN); and
- Primary and secondary legislation and guidance within HMRC’s remit, in respect of new products and major strategic initiatives
- Providing Compliance advice and guidance on financial promotions, supporting both the Marketing and Financial Promotion teams
- Building and maintaining proactive, effective and constructive relationships with fellow Compliance team members, supporting the Compliance Leadership and regularly liaising with first line Risk, Legal and Audit
- Supporting the vision, strategy and direction of Conduct and Compliance Advisory, consistent with the CRO’s broader strategy for the Risk, Compliance and Financial Crime Collective
- Promoting the culture and practice of compliance within Monzo through training, coaching and constructively challenging first line colleagues
- Challenging our policies and procedures to make sure that we’re providing great customer outcomes and meeting regulatory requirements
- Collaborate with the wider Compliance team in creating and updating compliance policies and procedures to reflect current regulatory requirements
- 2LoD support and oversight on Regulatory Breach and Incident Management
- Exploring new ways to streamline, automate and enhance Monzo’s approach to compliance
- Delivering continuous improvement to the function and helping to create a Compliance ‘centre of excellence’
Application process
- Phone call with recruiter (30 mins)
- Initial video call with hiring manager (30 mins)
- Technical video interview with hiring manager and stakeholder (60 mins)
- Behavioural interview with stakeholders (45 mins)
- Our average process takes around 3-4 weeks but we will always work around your availability
- We’ll only close this role once we have enough applications for the next stage. Please submit your application as soon as possible to make sure you don’t miss out
Salary benchmarks
Our take
Monzo is a challenger bank that fully operates online and offers a full range of current, savings, business accounts, and more. The speed of the challenger banks to provide a great experience has been impressive, and the number of competitors appearing has proven the consumer desire for innovation.
Monzo remains one of the popular online banks, with more than 6 million customer active users. The company faces competition as more traditional banks, such as Goldman Sachs and JP Morgan, have launched their own digital banks. However, the new technologies that the company is built on enable it to expand quickly (with fewer issues) than the incumbent players' offerings.
With an increasing amount of people switching banks, the company's ever-expanding suite of banking and financial services (such as its buy-now-pay-later offering) has resulted in Monzo receiving the second-highest net switching gains among digital challenger banks (just behind Starling).
After setting U.S. expansion plans aside in 2020, the company launched in the U.S. market in early 2022, partnering with Sutton Bank to provide its U.S. accounts. After several years focused on narrowing its losses, Monzo hit profitability in the first two months of 2023. In the same year, 2 million new customers joined, tallying its customer base at 9 million in 2024.
Kirsty
Company Specialist
Insights
Many candidates hear
back within 2 weeks
42% female employees
19% employee growth in 12 months
Company
Funding (last 2 of 18 rounds)
May 2024
$190m
LATE VC
Mar 2024
$447.3m
LATE VC
Total funding: $1.9bn
Company benefits
- Yearly Salary Review + Proactive pay increases to reflect growing responsibilities + Share options
- Flexible working hours
- Work From Home Opportunities + we'll pay for any equipment you need to do your job
- 24 days holiday a year, plus bank holidays
- Paid sick leave for both physical & mental health + Health insurance via AXA or Vitality + Additional health insurance through Medicash
- Employee Assistance Programme
- Learning budget of £1,000 a year
- Aviva Pension Scheme + 4% Employer Contribution
- Paid maternity, paternity, adoption or shared parental leave (after 13 weeks of employment)
- 52 weeks of primary caregiver leave (6 months at 100% pay, 13 weeks at Statutory Maternity Pay, 13 weeks unpaid)
- 3 months of secondary caregiver leave at 100% pay
- Unum Life Insurance
- Access to fertility and family-forming health benefits via Fertifa
- Abellio Season Travel Tickets + Cycle-to-Work Scheme
Company values
- Be hard on problems, not people 🙌 We create supportive communities to help people thrive.
- Make a difference 🚀 We solve real problems, working on things that have the biggest impact for our customers and each other.
- Help everyone belong 🤗 We’re building a bank for everyone. We embrace differences and make sure everyone feels welcome.
- Think customer first; grow Monzo safely 🥕 We always do what's best for customers. It's the right thing to do and the safest way to grow.
- Default to transparency 🎤 We’re open with each other and customers unless we have good reason not to be.
- Think big, start small, own it 🌲 We’re ambitious and shoot for the moon, working iteratively to get the best results.
Company HQ
City of London, London, UK
Articles
Founders
Jonas Templestein
(CTO)Founder of HipDial. Former Software Engineer at Starling Bank.
People progressing
Joined in the Customer Operations team. Moved to be a Financial Crime Analyst after 5 months. Then moved again to be a Business Analyst after 2.5 years. Currently working as a Senior Product Manager.
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