As the UK's leading financial regulator, the Financial Conduct Authority (FCA) plays a vital role in ensuring businesses and their key personnel are fit for purpose. For those aspiring to be senior managers within a regulated business, the competency interview can feel intimidating, yet it is a key step toward success. This blog post will explore what interviewees can expect during the FCA senior manager competency interview process and how to prepare effectively.
Understanding the Competency Interview
The FCA senior manager competency interview is a detailed assessment that evaluates skill, knowledge and alignment with the FCA's values. Unlike standard interviews, this process emphasises behavioural competencies and situational judgment, ensuring that candidates can demonstrate their leadership abilities and commitment to upholding regulatory standards.
They are often used as part of the authorisations process for FCA permissions or senior management approval.
Interviewees will be tested on their knowledge of the FCA rules which apply to their firm and their specific role. They are also often asked to share specific examples from past experiences that showcase these competencies.
Preparing for the Interview
Preparation is essential for succeeding in the FCA senior manager competency interview. Interviewees should immerse themselves in the rules and regulations which apply to them, so that they are well prepared to speak about them during the interview.
Familiarity with recent developments in finance, regulatory frameworks and compliance challenges can also showcase an interviewee's commitment to the industry. Staying updated on changes like the new Consumer Duty requirements can demonstrate preparedness and adaptability.
It is also good practice to undergo a mock competency interview, to determine your strengths and weaknesses to ensure your preparation is appropriate. It also gives you a good feel for what to expect on the day.
The Interview Process
Most competency interviews are now done online via video conference calls.
On the day of the interview, interviewees should aim to be calm and prepared. During the interview, it is important to listen carefully to questions and take a moment to reflect before responding.
The interview will normally last from about an hour to an hour and a half. With feedback given at a later date.
Success in the Interview Process
The FCA senior manager competency interview is a significant hurdle for those looking to become authorised. By comprehensively understanding the interview format, preparing thoroughly and presenting themselves professionally, interviewees can tackle this challenge with confidence.
The decision as to whether you have passed the interview is a matter for the FCA, which they will confirm to you in their later feedback. If you have passed, then great, but if you have failed, there are occasions when the FCA will allow you to do the interview again.
At Andrew Swan Law we regularly prepare clients for the process and then take them through a mock competency interview. Andrew will play the role of the FCA interviewer and keep the process as lifelike as possible, to really give you a feel for what to expect. He will also provide you with appropriate feedback to help understand where you may need more training or preparation.
For more information, please feel free to contact Andrew at andrew@andrewswanlaw.co.uk