What does a career in compliance look like? BTS’ Nikita Phillips was delighted to chat with Danielle Moore from True Potential to discuss all things compliance: The good, the bad and the opportunities available for career development.
Watch the video below or continue reading to discover more about the world of compliance.
Thanks for joining us Danielle. Can you start by telling us a bit more about role?
I am the Head of Training and Competence in True Potential Wealth Management – and the purpose of my role is to monitor and supervise all of our restricted Wealth Management Partners authorised in the firm, ensuring they remain fit and proper and competent to complete their role.
How did you end up working in compliance?
I have a very colourful employment history, from working as a Croupier in a Casino during university, to working in radio for 5 years prior to joining True Potential in 2018.
Before working in radio I worked for banks within their compliance departments dealing with Sanctioned payments. It was a very interesting job and one which I enjoyed. Learning about sanctions – such as sanctioned individuals and sanctioned countries and completing extensive research to see whether or not highlighted payments could be passed through.
Because of this, I knew I wanted to go back into Compliance once I left radio and so taking up the grad course with True Potential, allowing me to obtain all the necessary qualifications I needed, came at the perfect time.’
What actually is compliance?
Compliance is made up of rules, policies and procedures that individuals must follow in all aspects of their job to ensure good outcomes.
How did you find out about your first compliance role?
I had just left university in 2008 and heard of a project in the area whereby you would be required to review retrospective bank transactions from 2001 to see if the bank had facilitated any potential transactions which had funded terrorism. I found this very interesting and wondered how the process would work.
After that project I was then notified of another project 200 miles away in Birmingham which would be reviewing live sanctioned payments and thought this would be an opportunity to extend my knowledge of sanctions and what was going on in the industry.
Is working in compliance what you thought it would be?
It’s an ever changing world – day to day my diary changes depending on whether last minute situations arise where I need to step in and complete specific tasks. That keeps it interesting I know the days will never been boring.
Are there many opportunities? How often do compliance roles come up?
There are always opportunities within compliance. Our compliance department is made up of T&C, Monitoring and Control, File Checking and Complaints, therefore theres always the opportunity to be involved in some aspect of compliance. Considering the firm continues to expand, compliance is one area that will of course need to expand resource so we’re always looking for qualified individuals to join the team.
Would you say it is a ‘career’ or do post holders use it to gain experience?
It can be a bit of both – There are many different avenues within compliance – some people might want to begin their career within a compliance role prior to taking up or moving into an advisory role. Others prefer to work within compliance for the foreseeable.
What opportunities are available within True Potential for those starting at entry level?
So I joined on the grad course and the way they do the Grad course now I believe is over a period of 2-3 years. However, if you don’t go through a grad course and join as an administrator for example, you still have the opportunity to complete the necessary exams and the firm will cover the cost of that. We are encouraging a lot of individuals within the firm to progress professionally, it doesn’t matter what level you join us at, we will encourage you to get more qualifications.
Why should individuals choose to work in compliance?
Day to day its interesting – things are constantly changing from a regulatory perspective and no 2 days will be the same. You’re constantly learning and building on your professional development to progress within the industry if you wish.
What sort of skills and experience do you look for when adding to your team?
We look for a level of experience of working within a compliance background and also look for individuals who have some level of qualification, depending on the role they are looking to undertake. For example if you were wanting to become a T&C Supervisor we would expect you to have a minimum of level 4 and the ability to achieve and pass AF6.
What qualifications would you recommend to someone wanting to start a career in compliance?
As a minimum mortgage and protections – CeMAP and R05 as a starting off point. We actually encourage all our staff to obtain a level 4 qualification – our compliance admin team for example – 3 of these are currently going through their R0 exams in order to achieve level 4 and therefore look for another role within compliance and / or the business. As a business, with a level 4 qualification you can look at a role as a file checker, T&C Supervisor or even part of our central advice team as a financial adviser. Opportunities are endless to progress.
What is the best part of working in compliance?
Knowing there is a structure and a set of specific rules to follow. If they’re followed correctly no potential harm to clients and other individuals can be caused.
What is the most challenging part of working in compliance?
Ensuring everyone is following the rules on a regular basis. We are not always the most liked department, but advisers understand why we do what we do.
Do you have any further advice for someone wanting to get started?
Think of what element of compliance you would like to be involved in. What interests you – do you prefer being in the forefront or working behind the scenes. Do you enjoy investigative work, supervisory work or monitoring individuals. Whatever interests you in those areas, look at how you can get involved.
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