Actuary – Life insurance & Pre-Paid Funeral Plan Sectors

Division – Insurance

Department – Market Interventions - Fixed

Salary - National (Edinburgh and Leeds) ranging from £51,200 to £78,700 and London £56,400 to £86,600 per annum (Salary offered will be based on skills and experience)

The FCA regulates the conduct of 45,000 firms in the UK to ensure our financial markets are honest, fair and competitive. Follow this link to find out more About the FCA.

We have an opportunity for a motivated and talented Actuary to join the Insurance Division as part of the Market Interventions – Fixed department. The department supervises large life insurance groups, retail general insurance, wholesale insurance and wholesale broker firms, and works closely with other areas in the division responsible for the supervision of smaller insurance firms of these types as well as pre-paid funeral plan providers. This role will sit in one of the Fixed Life teams which supervises large insurance Groups and outsourced providers.

What will you be doing?

This role offers you a unique insight into firms’ strategies and business models, and to influence the strategic direction of the life insurance and funeral plan sectors to improve outcomes for consumers and ensure related risks are well managed.

As an Actuary the key responsibilities are typically:

• Supporting and advising supervisors on the risks and potential for harm to consumers presented by individual life insurance and pre-paid funeral plan firms, as well as across these sectors, and the way these issues are mitigated by the firms and where necessary by the FCA

• Participating in a number of aspects of supervision, for example:

  • Technical input to multi-firm projects, in order to investigate and mitigate risks presented by cross-sector issues and products

  • Collaborating with firm senior managers, and undertaking visits to firms where necessary

  • Review and oversight of corporate transactions such as Part VII transfers and Schemes of Arrangement

  • Review and challenge of experts' reports

  • Review of management actions in the operation of with-profit funds

• Conducting risk-based assessments of funeral plan trust solvency, remediation plan adequacy, and actuarial assumptions, and funeral plan providers’ prudential adequacy and wind-down capabilities as required

• Maintaining progressive technical knowledge as an actuary and broader market knowledge by undertaking ongoing professional development and keeping on top of the most relevant parts of the Handbook, as well as professional guidance

What will you get from the role?

This is an opportunity to have a significant influence on the FCA’s regulation of life insurance. This is a unique position which will suit adaptable, resourceful individuals who are seeking a high-profile role within a team in a fast-changing environment. You will benefit from:

• The opportunity to have a positive impact on millions of customers either at the early stages of saving for their retirement, in retirement, or in planning for the future funeral needs. We look for people who are passionate about ensuring the interests of consumers are at the heart of firms' recommendations

• Opportunities to obtain a unique insight into the workings of firms across the sectors, and to influence firms’ senior management and behaviour. As well as collaborating with a variety of stakeholders across the industry and Bank of England / Prudential Regulation Authority

Which skills are required?

We are a Disability Confident Employer; therefore, disabled people or individuals with long-term conditions who best meet the minimum criteria for a role will go through to the next stage of the recruitment process. (To learn more about the Disability Confident Scheme Click Here)

Minimum

• A qualified actuary (FIA/FFA or equivalent) with proven experience of working in the life insurance sector

• Previous experience of financial regulation, gained through regulatory or industry experience

Essential

• Analytical capabilities – able to review, challenge and validate information, and make sound judgements about action or escalation required in a timely manner

• Strong communication skills, both written and oral – able to communicate key messages and explain complex issues clearly and concisely

• Ability to influence others – capable of using reasoned argument to persuade others, able to offer constructive feedback, deliver strong messages and to respond to feedback effectively

• Commercial awareness – understanding of the profit drivers and the macro-economic environment and how these may influence the behaviour of firms

• Financial analysis – knowledge of the Solvency II prudential regime and ability to review firms’ financial information

• Organisational skills and ability to manage competing priorities – you will need to manage a busy and diverse workload

• Internal & external stakeholder management – able to build effective working relationships and manage the demands of multiple stakeholders to support the delivery of supervisory goals

Our Values & Diversity

We are proud to be an inclusive employer and our ambition is to cultivate a culture for all employees that respects their individual strengths, views, and experiences. We believe that our differences and similarities enable us to be a better organisation – one that makes better decisions, drives innovation, and delivers better regulation.

Within the workplace you will have access to various employee resource groups which aim to promote and achieve a healthy work / life balance and support our diversity ambitions.

Did you know? 50% of our Executive Committee were the first in their family to attend university.

The FCA is committed to achieving greater diversity across all levels of the organisation. Given this, we particularly welcome applications from women, minority ethnic, disabled, and neurodivergent candidates for our senior associate role.

Benefits of working at the FCA

• 25 days holiday per year plus bank holidays

• Hybrid working (work from home up to 60% of your time)

• Private healthcare with Bupa 

• A non-contributory Pension of at least 8%

• Life assurance

• Income protection

We also have a competitive flexible benefits scheme which gives you the opportunity to create a personalised benefits package, tailored to suit your lifestyle.

We welcome applications from candidates who are looking for flexible arrangements.  Many of our staff work flexibly including working part-time, staggered hours, and job shares.  We can’t promise to give you exactly what you want but we can explore what might work best for both sides. Follow this link to see what life is like at the FCA - Life at the FCA

Application Support

We are dedicated to removing barriers and ensuring our application process is accessible to everyone. We offer a range of adjustments to make your application experience as comfortable and straightforward as possible.

If you have an accessibility need, disability, or condition requiring changes to the recruitment process, please contact your recruiter using the details below and they will be happy to discuss this further with you.

Useful Information and Timeline

• This role is graded as: Senior Associate - Regulatory

• Advert Closing Date: 9th February 

• Screening call: 18th & 19th February

• Case study completion: 21st & 24th February

• Competency based interview: 26th-26th February

Your Recruiter will discuss the process in detail with you during screening for the role, therefore, please make them aware if you are going to be unavailable for any date during this time. 

Got a question?

If you are interested in learning more about the role, please contact: 

• For external applicants, please contact Aaron Ward at [email protected]

• For internal applicants, please contact Lucy Matthews at [email protected]

Applications must be submitted through our online portal. Applications sent via email will not be accepted.