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Director within Compensation Schemes

About the Compensation Schemes

The Depositor Compensation Scheme and the Investor Compensation Scheme are independent rescue funds to provide a means of protection for customers of failed credit institutions and investment firms, respectively. The Schemes are based on the EU Directive 2014/49/EU on deposit-guarantee schemes and EU Directive 97/9 on investor-compensation schemes respectively. Both Schemes are overseen by a Management Committee appointed by the Malta Financial Services Authority (MFSA). The Schemes are housed within the MFSA.

The Role

The role is the most senior post of the Secretariat responsible for the oversight and running of the Compensation Schemes (the Secretariat). Within this role you will also contribute to the Schemes Management Committee which takes significant decisions in relation to the protection of the bank depositors and investors. You will head the Secretariat and support the delivery of the Schemes Management Committee objectives, decisions, directions and specific projects.

You will lead a team of motivated and highly skilled individuals involved in administering the Compensation Schemes. The role is challenging and requires a flexible and professional approach for the delivery of the objectives of the Schemes and the Management Committee within applicable deadlines. The position will require extensive collaboration with other entities, such as the Ministry for Finance and Employment (MFE), the MFSA, the Central Bank of Malta (CBM), and EU and other foreign regulatory bodies directly or indirectly involved in depositor and investor protect.
The selected candidate will report directly to the Schemes’ Management Committee and closely liaise with the Chairperson or to any other person the Chairperson may delegate for the purpose of assigning duties and responsibilities as applicable to the Grade from time to time.

Your main responsibilities:

  • be the reference point with the MFE, the MFSA and the CBM, stakeholders and other relevant entities;
  • constructively and positively contribute to the administration of the Schemes;
  • providing overall the necessary recommendations to the Management Committee on matters in relation to the Schemes;
  • co-ordinate the amendment process in relation to the local legal framework in line with local and EU developments;
  • would need to be hands on with regards tasks created and assigned by the Management Committee, such as, the implementing by the Schemes alternative funding arrangements, liaising with the Management Committee and any task force/s so created in this regard;
  • undertaking, leading, and coordinating any relevant ad-hoc assignments that may arise from time to time, or created by the Management Committee and to report to the Management Committee on the outcome of such assignments as may be appropriate and necessary;
  • if required, organise and carry out onsite visits at member banks and investment firms, if necessary, in liaison with MFSA Supervisory Functions;
  • supporting professional development of the Secretariat through participation in, and engagement with the relevant entities and working groups, such as the European Forum of Deposit Insurers (EFDI), the International Association of Deposit Insurers (IADI);
  • managing and mentoring a motivated and professional team and coordinate tasks as required;
  • providing the necessary feedback and recommendations to the Management Committee on performance management and overall staff performance of the Secretariat;
  • overseeing the work undertaken by the Secretariat on credit institutions and investment firms in conformity with the Schemes Regulations;
  • developing appropriate management information to support a focus on effectiveness and efficiency, ensuring that proper working policies and procedures are in place;
  • represent the Schemes in both internal and external committees, working groups and task-forces;
  • acting as signatory and representing the Schemes, the Management Committee and the Chairperson in court sittings;
  • administering the Schemes’ accounting and payment systems DEPS1 (Data Exchange and Payment System);
  • representing the Schemes at meetings, including meetings related with, amongst others, crisis management and stress testing that may be held locally and/or overseas,
  • be conversant and familiar with functions and operations of the European Central Bank (ECB), the European Banking Authority (EBA), the European Supervisor Authorities (ESAs), and similar entities both local and abroad;
  • carrying out any other ad-hoc task or assignment which the Management Committee may assign from time to time.

About You

The selected candidate will need to possess relevant qualifications including:

  • A University of Malta Degree or equivalent qualification in a relevant financial subject or a comparable recognised qualification at NQF level 6 or better duly certified by the Malta Qualifications Recognition Information Centre (MQRIC)*.
  • Proficiency in the use and handling of Microsoft office or equivalent applications would be considered an asset.
  • o Proven work experience within the financial services sector, as well as familiarity with the relevant local legal and regulatory framework, especially the Schemes Regulations.

The selected candidate will possess relevant soft skills including:

  • organisational abilities;
  • outstanding time management skills;
  • the ability to carry out work in an efficient, effective and timely manner at all times;
  • needs to be decisive and make the best possible decisions;

1 DEPS is the DCS automated system to effect compensation to depositors in case of a determination by the MFSA in line with the Regulations.

  • is creative and innovative;
  • is committed towards the team’s and own work;
  • the ability to multi-task and to meet strict deadlines;
  • possesses well-developed written and verbal communication skills, including report writing;
  • the ability to lead and manage a team;
  • the ability to listen actively and to work on one’s initiative;
  • good level of negotiation skills;
  • demonstrate initiative and proactiveness.

How to apply or query for further information

Candidates are to forward a copy of their Curriculum Vitae (C.V.) accompanied by a covering letter providing the motivation for the application to dcs_ics@mfsa.mt and info@compensationschemes.org.mt

Other important information

The Schemes are committed to a policy of equal opportunity in all aspects of employment and will take care to avoid any form of discrimination in its recruitment procedures. The Schemes reserve the right to withdraw this call at any time and not to select any of the Candidates.

It is the responsibility of applicants in possession of qualifications awarded by Universities and other similar institutions outside Malta to produce a recognition statement on comparability of qualifications issued by the Malta Qualifications Recognition Information Centre (MQRIC). Applicants should do so preferably at application stage or otherwise at the preliminary interview should an applicant be selected for such interview. Details can be obtained by accessing the National Commission for Further and Higher Education website on www.ncfhe.org.mt under MQRIC heading.

The Schemes shall ensure that any processing of personal data is in accordance with Regulation (EU) 2016/679 (General Data Protection Regulation), the Data Protection Act (Chapter 586 of the Laws of Malta) and any other relevant European Union and national law. For further details, you may refer to the Data Protection Policy on the Schemes webpage: www.compensationschemes.org.mt.

Candidates are to note that the submission of any false statement/s or omission, even if unintended, may lead to the cancellation of their application and may render the candidate’s appointment liable to termination.

Furthermore, please note that candidates may be asked to submit any documentation in support of the information provided, including but not limited to, proof of qualifications and Police Conduct Certificates.

Ref: Jobs Plus 101/2023

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