Private Banking Compliance - Mortgages and Deposits

Greater London
Full time
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JP Morgan
Banking, investment & finance
10,001+ employees
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Private Bank (PB) Line of Business Compliance plays a critical role in the successful execution of the firm's compliance mission. The Compliance function ensures the development and maintenance of a strong compliance culture by identifying and interpreting relevant regulatory rules that govern our business globally. Compliance teams work closely with business, legal, risk, and audit program infrastructure that identifies, measures and monitors compliance with applicable laws, regulations and functions to provide expertise on regulatory compliance matters, assess and measure compliance and related risks, and monitor and test the adequacy of the firm's compliance control environment. The London Branch Compliance team along with other Compliance colleagues has the responsibility for oversight of the consistent implementation of Global policies and practices whilst ensuring regional and country nuances are adopted to take into account local law and regulation.

As a Private Banking Compliance Mortgages and Deposits – Associate within Compliance team, you will support regional and global compliance initiatives and programs within the PB line of business and within the entity as necessary. The role will include line of business advisory cover for PB personnel in London, as well as the central European regulatory framework on branches and outsourcing as it relates to PB activities. You will also be involved in work associated with regulatory interaction associated with PB line of business, the delivery of specific responses to supervisory bodies and involvement of any relevant examination or deep dive activities, notably with the OCC, BaFIN, Bundesbank, CSSF, ECB, FCA and PRA.

The role will require strong interaction with regional teams across the compliance framework including Regulatory Management, Compliance Practices, and other line of business Compliance Advisory teams across J.P. Morgan.

As J.P. Morgan continues to invest and grow the business the current opportunity will seek someone with a strong regulatory and compliance background to advise on core compliance obligations within the European regulatory framework.

Job responsibilities

  • Report to the Head of Private Bank Line of Business Compliance for London Branch.
  • Provide Compliance advice to support all areas of the PB business with primary coverage of the Mortgages and Deposits Solutions organisation, in particular, but not limited to EU/ UK regulation covering the Mortgage Credit Directive (MCD), the FCA’s Mortgage Conduct of Business (MCOB) and Banking Conduct of Business (BCOBS) requirements, the PRA’s Depositor Protection rulebook and the Financial Services Compensation Scheme Single Customer View (SCV) requirements. The candidate should also have a strong grasp of other private banking and capital markets regulatory topics and legislative requirements impacting the UK such as the Regulated Activities Order and the Consumer Duty.
  • Provide Compliance support in relation to client complaints including advising on the FCA’s Dispute Resolution: Complaints (DISP) and MiFID and Payment Services Complaints Handling requirements and in interactions and submissions to the Financial Ombudsman Service (FOS).
  • Act as a Compliance SME for Mortgages, Deposits and Complaints Handling requirements in the EMEA region and acting as the Compliance representative for various new business and regulatory change initiatives.
  • Provide an input in the design and executing the Compliance Monitoring and Testing programme for the Mortgages, Deposits and Complaints Handling coverage areas;
  • Support the Head of Private Bank Line of Business Compliance for London Branch in governance reporting to the legal entity committees and forums.
  • Keep abreast of regulatory and legislative changes and provide advice to enable the business to implement changes and operate in a compliant and controlled manner.
  • Review regulations and work with functional partners to advise the relevant owners on the development of policies and procedures within the legal entity and across other group legal entities as necessary.
  • Contribute to the performance of Second Line challenge of the first line of defence risk assessment and new business regulatory reviews in relation to Mortgages, Deposits and Complaints Handling.
  • Advise on the content and quality of PB submissions (e.g. Complaints Reporting) to our regulators, taking action where necessary.
  • Take a supporting role in day-to-day PB communications with regulators where necessary, supporting Regulatory Management and when needed act as the lead SME for the PB LOB on relevant regulatory examinations, reviews, information requests or other specific deliverables.

Required qualifications, capabilities, and skills

  • Relevant experience in a banking or risk management environment or financial services from a legal or regulatory perspective.
  • Good knowledge of key financial services regulation and EU/ UK regulations, specialized in Mortgages (MCD and MCOBS), Deposits (BCOBS, Depositor Protection) and Complaints Handling (DISP).
  • Compliance experience in the financial services private banking or wealth management industry with knowledge of mortgages and deposit products.
  • Ability to consistently deliver high quality results on the local and firm-wide Compliance program.
  • Strong team player with good interpersonal and negotiating / influencing skill.
  • Self-motivated individual who is eager to learn more about the financial markets and regulation.
  • Ability to think, plan and execute on multiple projects simultaneously in an organized manner, prioritize, work under pressure and meet tight deadlines.
  • University Graduate.
  • Ability to summarize complex topics concisely and drive practical outcomes.
  • Strong judgement and the ability to exercise sound judgement under pressure when faced with imperfect information.
  • Evidence of working on the delivery of projects or implementing process change required.

Preferred qualifications, capabilities, and skills

  • Strong command of English language skills combined with French and/or German language skills preferred.
  • Positive professional and can-do attitude.