Credit Hub Lawyer

Credit Hub Lawyer

Division - Legal Division

Department - Payments, Credit, Competition and Claims Management

Salary - National (Edinburgh and Leeds) ranging from £60,900 to £75,000 and London £66,900 to £80,000 per annum

Credit Team 1 sits within the Payments, Credit, Competition and Claims Management Department in the Regulatory and Corporate Legal Directorate of the FCA. Credit Team 1 and Credit Team 2 collectively form a Credit “hub” and share responsibility for the provision of advice on the regulation of consumer credit, mortgages and claims management. This covers advice on lending and credit broking (including high-cost lending and credit cards), mortgage lending, arranging and intermediation, debt-related activities (including debt collecting and debt advice) and credit information services (including the operation of credit reference agencies).

The credit hub’s work is closely aligned with the FCA’s commitment to supporting the government’s growth agenda and several of the hub’s projects feature in the CEO’s recent letter to the Prime Minister.

Current projects include:  

• Proposals to simplify the responsible lending and advice rules for mortgages that have been in place since the 2008 financial crisis

• Drafting new rules and guidance in the credit handbook for Deferred Payment Credit (also known as unregulated Buy Now Pay Later lending) shortly to become regulated

• Working closely with HM Treasury on wider reform of the Consumer Credit Act 1974

• Improving credit information with changes to industry governance and introducing new rules and guidance following the Credit Information Market Study

• Advising on high profile motor finance commissions work, investigating harm that may have been caused by the use of commission arrangements in the motor finance sector. The programme comprises of different workstreams which include advising on senior court litigation, redress, forward looking policy and assessing the potential wider impact

The Credit hub is part of the Payments, Consumer Credit, Claims Management and Competition Department in the Legal Division. There are 33 lawyers in the Department.

What will you be doing?

You will be providing legal advice on a variety of matters across the FCA’s portfolio of credit, mortgages, debt and claims management work, in particular:

• Advising policy on the regulatory regimes and providing legal support in respect of policy project, including drafting rules and guidance

• Advising on the regulatory perimeter, for example in respect of authorisation and regulatory sandbox cases

• Providing legal support in respect of the supervision of retail firms, including consumer credit and mortgage lenders, credit brokers, mortgage intermediaries, appointed representatives, and CMCs

• Developing knowhow resources and delivering training

What will you get from the role?

• You will work at the forefront of financial regulation and consumer protection on a range of matters including those that involve difficult, complex and often high-profile legal issues

• Be fully involved in the FCA’s policy development, and draft rules and guidance in the FCA Handbook

• Interact with colleagues across the FCA and with government departments and bodies and other organisations engaged in financial services such as the Bank of England and HM Treasury on significant legislative changes

• Develop problem-solving and project management skills

• Have a high level of ownership and responsibility for your actions

• Work in a diverse, inclusive and supportive environment

All applicants must be able to demonstrate an ability, or evidence their potential, to perform the skills and behaviours described below in a way that is in accordance with FCA values:

• Strong analytical skills and the ability to deliver good and clear analysis of issues

• Ability to learn about new or novel legal issues quickly and with enthusiasm, with the necessary oversight and support of colleagues

• Ability to create solutions and deliver pragmatic outcome-focused judgments

• Ability to advise in a confident and reasoned manner, and to challenge appropriately

• Ability to build and sustain positive relationships and good communication skills

At Senior Associate level, some further relevant experience for the team role applied for will include experience in one or more of the following:

• Financial Services law, in particular the law relating to trading, exchanges and securitisation or markets and market conduct

• Litigation, in particular public law litigation

• Public law

• Working within a legal function in a financial services context such as banking, funds, markets, insurance or advising listed companies

• Working within a legal function in a Government department or other regulatory or public body