The primary purpose of the Product Risk Review Analyst is to actively conduct and maintain Product & Service Assessments (PSA), Fair Value Assessments (FVA) and Target Market (TM) documents across the Nucleus Group. Ensuring effective sign off through the governance process ensuring adherence to the Product Lifecycle Management Policy (PLM). Reviewing the methodology where appropriate ensuring adherence to Consumer Duty and PROD rules.
The successful candidate will be required to contribute and assist in implementation as the subject matter expert on Consumer Duty and PROD in relation to PSA, FVA and TM in a variety of strategic and regulatory projects.
As a Consumer Duty SME the Product Risk Review Analyst needs to be values led, possess excellent analytical, communication, relationship building and problem-solving skills. People skills are a definite must-have in addition to good attention to detail, being a team player and able to effectively prioritise the needs of our customers and the business.
Key Accountabilities:
Ensure that the PLM guidelines are interpreted effectively and adhered to for every Product within the Group for robust oversight and management, including but not limited to;
1. Identification of genuine customer needs and reasonable expectations on an ongoing basis
2. Represent fair value to customers, at outset and on an ongoing basis
3. Clearly define target market
4. Distributed through appropriate channels
5. Initial and ongoing literature/communication material is appropriate to meet customers’ needs and expectations in a timely manner, to enable informed decisions, provide clarity on how fees and charges apply and their impact
6. Ensure plans are serviced and managed in line with customers reasonable expectations and in accordance with the Groups Policies and Procedures
7. Monitor to ensure risks are identified, prioritised and acted upon
Effectively conduct PSA and FVA to ensure that all adhere to Consumer Duty rules. Advising strategic enhancements and improvements to all aspects of the Open and Closed products for the Group. Ensuring to review all elements including:
8. Insight: Assessment of the risks posed by regulatory guidance, customer feedback and other external sources to identify areas of heightened risk of providing poor customer outcomes or areas of key regulatory focus
9. Price and Value: Assessment of the risks posed by ongoing costs of running the product, how costs are passed onto customers as charges and the impact of charges on customers
10. Products and Services: Assessment of the risks posed by the product design and how it is targeted at appropriate customers. Analysis of point of sale material for disclosure of key risks, and assessing how product terms and conditions are implemented in light of regulatory expectations
11. Consumer Understanding: Assist Marketing as required with assessment of the risks posed by regular communications to customers, to determine whether customers are kept appropriately informed about their product and the options available to them
12. Consumer Support: Assist Operations as required with assessment of the risks posed by business interactions with product customers – including timeliness of processing requests, complaints and oversight of outsourced operations
13. Investment: Assist Investment Proposition as required with assessment of the risks posed by the running of the product’s underlying fund – including whether it has been run in a manner consistent with that communicated to customers
Escalate risks and concerns identified during PSA/FVA process providing a range of potential solutions to Product Governance Manager.
Supporting the PLM process, challenging the status quo and providing balanced suggestions that support the business and our customers to enhance and drive focus in addition to reflect regulatory and internal policy changes where appropriate.
Support the development and implementation plans and strategies for all open and closed Products within the Group to ensure all are delivering the right customer outcome balanced with meeting the Groups commercial targets.
Provide structured advice and guidance at strategic product project meetings with clear interpretation of PSA/FVA Outcomes including identified risks and proposed actions, tools and or processes to either mitigate or risk accept with transparent rationale and effective documented evidence to support all proposals.
Competencies:
14. Excellent ability to communicate effectively both written and verbally
15. Excellent analysis skills including ability to review large volumes of data, notice and spot trends and their causes that could impact customers or the business.
16. Good problem-solving skills to suggest actions to close-end and resolve issues encountered.
17. Good level of people and interpersonal skills to build effective relationships at all levels internally and externally
18. Excellent organisational skills and ability to remain calm under pressure in order to manage customer expectations and deadlines
19. Ability to prioritise and balance the needs of customers and the business
20. Proficiency in Microsoft Excel and PowerPoint
21. Ability to work independently and collaboratively in a fast-paced, deadline-driven environment
22. Strong attention to detail and a high level of accuracy in work output
23. Positive attitude, self-motivated, and willingness to learn and adapt to new challenges
Knowledge and Experience:
24. Knowledge of Nucleus Group products and services and of competitor markets and broader market developments and an evaluation of their impact upon the organisation and customers.
25. Understanding the concept of PSA/FVA/TM and PLM
26. General understanding of Product Governance
27. Full working knowledge of key regulation and FCA guidance including FG22/5 Consumer Duty, PROD, FG21/1 Fair Treatment of Vulnerable Customers, Equality Act 2010 and GDPR
Values and Behaviours:
28. Positively demonstrate the Nucleus values and behaviours
29. Ensure compliance with Code of Conduct at all times
A little about us
We are the Nucleus Financial Platforms group and we help make retirement more rewarding. Here at Nucleus, people come first - whether it’s our colleagues, or the advisers and customers we support, we know that working in partnership and collaboration leads to the best outcomes. Together, we’ve shaped the platform to how it is today. We work hard, and we celebrate hard too.
Our ambition is to create a platform with a difference, putting the customer centre stage meant tearing up the rule book and starting from scratch. We’ve come a long way since then, but our mission remains just as focused. That’s why our culture, values, and social responsibility are things we keep at the top of our agenda – because we know they matter and have a big impact.
Our culture is one of the many things that sets us apart from the pack. We want to have an environment where our people feel that they can make a real difference, know they’ll be rewarded for their efforts and more importantly, enjoy themselves at work.
Are we a perfect match? Check out and find out!
Inclusion and diversity at Nucleus
As with most things in life, who cares, wins. We really care about inclusion.
For us it’s not a tick box exercise; inclusion and diversity are embedded in our culture and everything we do. It’s a commercial imperative. It isn’t about being PC. It’s about being future-relevant and durable. We owe it to ourselves and the industry to ensure we are playing our part in creating a fair, balanced and transparent financial services sector.
More diversity means broader experience, a wider set of perspectives and a better collective ability to problem-solve. And it means being more representative of customer groups, which supports areas such as product development.
At Nucleus, we offer a generous blend of benefits for the things that really matter to our people, including a non-contributory pension, bonus, enhanced parental leave, paid time off for emergencies, health and wellbeing initiatives and flexible working options.
If you’d like to find out more about us or the role, you can get in touch with our