Paul Stott

An adaptable and experienced compliance, risk, and finance professional, with a practical and commercial outlook. Always ready to contribute and be involved.

Compliance Officer - RCI Bank UK Limited - Ware, Herts.

(2014-01 - 2025-01)

Reporting to Head of Compliance. Providing general regulatory advice across Banking and Consumer Credit with a view to pro-active management of Regulatory Risk covering prudential, governance, conduct, financial crime, and compliance with regulatory requirements. A compliance generalist with particular focus on various regulatory and risk management areas.

• Providing timely, authoritative, and relevant advice to first line risk owners through dedicated mailbox framework, including all aspects of consumer credit and insurance mediation activity.
• SME for collections, vulnerability and forbearance options for borrowers in financial difficulty.
• Contributor to Risk Management Framework identifying key components of Regulatory Risk.
• Management of the Risk Control Self-Assessment (RCSA) framework as applied to Compliance function – elements including data management and third-party oversight.
• Reporting to Outsourcing and Third-Party Risk Committee (OTPRC – representing first line risk owners) for oversight of relationships. Highly active, currently running on bi-monthly scheduling.
• Advising Operational Resilience team on meeting PRA requirements SS1/21 and SS2/21.
• Classified the relationships and developed practical processes for relationship management – including financial crime checks.
• SME for application of Products and Services and Price and Value outcomes, as manufacturer of financial services products.
• Embedded annual fair value assessments within first line processes.
• Supported development and enhancement of distributor retail relationships to meet FCA expectations.
• Introduced co-manufacturing obligations where applicable in distributor retail relationships.
• SME for consumer credit financial promotions to meet FCA rules and CAP codes (Commission of Advertising Practice).
• Developed practical mechanisms for submission and approval of financial promotions, across social media, radio, and television.
• Training on key aspects provided to appointed representatives and retailers.
• Correspondent for training and enforcement of standards for Ethics, Anti-Corruption, Conflicts of Interest and Whistleblowing.
• Development of reporting metrics for Board and range of dashboards maintained by Head Quarters.
• Formulating necessary action plans to meet corporate standards.
• Ensuring completeness to capture PRA and FCA output, tabling at Horizon Scanning Forum and following through necessary action plans for implementation.
• Architect of SMCR framework for deposit taking and consumer credit activities. Incorporating Senior Manager coverage of all activities, supported by cohort of thirty certified staff.
• Prototype design in development for pending PRA and FCA amendment – which are currently under consultation.
• Design and maintenance of record keeping, identifying Material Risk Takers, and tracking organisational development, with updates according to regulatory deadlines.
• Enhancement of Statements of Responsibilities to incorporate delegations meeting Conduct Rules and Duty of Responsibility requirements.
• Enhancement of Fit and Proper assessments beyond FCA minimum expectation.
• Timely and accurate management of applications through FCA Connect system.
• Correspondent for training Senior Managers and Certified staff.
• Expert User FCA Connect system.
• Responsibility for oversight of the AR activities, ensuring they remain within permissions specified in the AR agreements.
• Training for AR's relating to credit broking activities, including necessary standards to obtain approval of financial promotions.
• Support for the CF1(AR) role holder in each of the AR's, to meet requirements as FCA Approved Persons regime (not SMCR).
• Maintenance of regulated and unregulated customer documents, to meet consumer credit regulations and financing demands.
• Maintaining high level policies as reference for detailed procedures maintained by risk owners: Arrears Management and Collections; Customer Vulnerability; Conduct Risk; Complaints.
• Maintaining detailed Compliance function procedures: Conflicts of Interest; Gifts and Entertainment; Whistleblowing; Third Party Integrity Management.
• Regulatory Compliance Manual - Author.
• Assembly and data validation of reporting: Consumer Credit RMAR and CCR – Balance Sheet and Profit and Loss account. Deposit taking – REP001 Close Links, REP002 Controllers, REP008 Notification disciplinary action, REP010 Overseas Regulators, REP014 Payment Accounts Report, REP017 Payments Fraud, REP020 Statistics on availability of interfaces.
• Advice to Regulatory Reporting Forum for enhancement of current reporting processes and preparation for future developments on the horizon.
• Expert user FCA RegData system.
• Quarterly Compliance Report for Risk and Compliance Committee.
• Consumer Duty and ad hoc reporting to Board Risk Committee.

Head of Wholesale Funding - RCI Bank UK Limited - Ware, Herts.

(2009-01 - 2013-12)

Managing wholesale credit risk (£500m) against Renault and Nissan franchised dealer network. Supporting franchised dealers in challenging conditions as the economy emerged from the financial crisis.

Financial Controller - RCI Bank UK Limited - Ware, Herts.

(2006-01 - 2008-12)

Merger of Renault Finance and Nissan Finance, covering all aspects of financial accounting.

• Month end and year end accounts.
• Management of financial accounts team.
• Budgeting and forecasting.
• Cash flow and treasury management.
• Sage system manager.
• Implementation SAP CONCUR expenses management system.

Head of Finance and Company Secretary - Konica Minolta Business Solutions (UK) Limited

(2003-01 - 2005-12)

Migration Oracle to SAP R3, merger Konica and Minolta, management of customer asset financing relationships and acceleration of cash flows.

Group Chief Accountant - Thorn Lighting Holdings Limited

(2002-01 - 2003-12)

Managing global consolidation of Thorn group, SAP/Hyperion user.

Finance and Administration Director - Grifols UK Limited

(1998-01 - 2001-12)

Start up SAP R3.

• Monthly accounting and intercompany reporting.
• Managing external audit requirements.
• Corporation tax and VAT SME expert.
• Cash and treasury management.

Financial Accountant, Management Accountant - Schering Agrochemicals Limited

(1992-01 - 1997-12)

Audit and Insolvency specialist - Ernst & Young

(1988-01 - 1991-12)

Qualified chartered accountant.

BSc - Banking and International Finance - City University, London A Levels - Maths, Physics, French - Canon Slade Grammar School, Bolton