DESCRIPTION OF THE BUSINESS LINE OR DEPARTMENT
The Operational Tax and Client Fees teams are responsible for the end to end management of the bank’s FATCA/CRS and QI reporting campaigns, along with the general day to day management and control throughout the year. In addition, our client fees team are responsible for the calculation and collection of client fees.
The teams are located in Jersey and Bangalore and operate on behalf of the Kleinwort Hambros group, based in Jersey, Guernsey, Gibraltar and the UK.
We execute change programs and create new operational capabilities to drive efficiency, improve client service levels, and reduce our operational risk.
The Manager of Operational Tax and Client Fees will act as Line Manager for those teams, from both a staff and expertise perspective.
Firstly, to manage the day-to-day operational requirements for complying with our responsibilities as a QI (Qualified Intermediary), for US withholding tax purposes, and for meeting our reporting obligations under the AEoI (Automatic Exchange of Information), also known as FATCA, (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standards).
Our Operational Tax Team manages reporting for many regulatory and tax obligations, including QI, FATCA and CRS and any other AEoI or withholding tax service which may be required in the future.
This will involve senior engagement and representation across the business, to ensure all areas are delivering on their obligations to ensure successful reporting.
Secondly (and equally) to facilitate collection of banking, custody and investment management fees from clients.
Our Client Fees Team is responsible for the correct application of the bank’s investment management tariff for the collection of client fees.
Line Management Responsibility include staff and teams based in Jersey and Bangalore (provided by our outsource partner, Infosys), ensuring all activities are conducted in accordance with approved procedures and service level agreements.
Extensive people management duties include identifying and acknowledging good performance, addressing and managing any underperformance, performance appraisals, coaching and mentoring staff, objective setting, ensuring all staff complete compliance and training requirements and holding regular team meetings. Involvement in recruitment includes participation in interview and selection process. Strong people skills will include experience of directly managing medium sized teams. Our Manager of Operational Tax and Client Fees will mentor and develop staff in their Teams, encouraging a culture of teamwork, adaptability and embracing change while delivering accurate and timely work.
Act as leader and SME of projects to deliver constant improvement in the Tax and Client Fees Teams and support other Operations projects as a subject matter expert and resource.
Issues should be identified as they arise and addressed pro-actively, challenging existing procedures and controls whilst working with cross-functional teams to implement operational improvements.
Be adaptable and enthusiastic to deliver successfully across all areas of responsibility.
Keep abreast of tax, regulatory, market and industry developments and assess implications for our activities.
Manage relationships with key internal and external service providers and stakeholders.
Line Manager Responsibilities
§ Manage the teams in a proactive, positive and responsible manner, while working with managers in other areas.
§ Proactively become the Tax Operations and Client fees SME and represent the team across the business.
§ Own relationships, both internally and externally with key vendors, suppliers and reporting bodies.
§ Act as line manager and point of escalations for areas of responsibility.
§ Work closely with equivalent managers in a positive and proactive manner.
§ Monitor end-to-end processes, manage issues, hand-offs and workarounds in conjunction with SLAs, processes and procedures.
§ Maintain oversight of third-party operations to ensure they are functioning to the expected quality and work closely with their respective teams to solve any escalated problems.
§ Contribute constructively to the development of the operations department by suggesting ideas for improving efficiency or process quality.
§ Be an enabler of change, accepting and promoting changes to procedures and departmental organisation.
Tax Team Key Responsibilities
§ Manage all UK, CI and Gibraltar operational tax activities (inc, QI, FATCA/CRS).
§ Responsible for delivering successful reporting campaigns in regards QI, FATCA and CRS.
§ Monitor the quality of the end to end processes and controls throughout the year, which have an impact on quality of reporting.
§ Completing all day to day activities accurately with controls in place to comply with relevant QI and AEOI legislation, regulations and guidelines.
§ Ensure all QI account holders (holders of US reportable stock) are fully documented with a valid and appropriate IRS tax form (W8 or W9).
§ Identify changes in circumstances affecting validity of QI/FATCA/CRS documentation
§ Ensure classifications are complete with documentation for QI, FATCA and CRS, liaising with the front office to obtain valid certifications updating client records accordingly.
§ Reconcile custodian and agent tax reports.
§ Ensure client’s US reportable stock holdings are held in the correct tax pools.
§ Maintain accurate tax reporting within deadlines or extensions as required.
§ Be aware of, manage and implement regulatory changes.
§ Assist with compliance reviews and implement recommendations.
§ Ensure compliance with agreed procedures.
Client Fees Team Key Responsibilities
§ Portfolio Amendments
§ Monitoring system maintenance changes for all portfolio mandates
§ Control reports on fees
§ Operational checks for periodic reports
§ Production of dashboards
§ Portfolio fees
§ Invoices, VAT receipts, monthly reports for Finance
§ Phoenix process for fee amendments
§ Daily monitoring of dealing fees
§ Preparation of data for monthly Permanent Supervision reporting
We are an equal opportunities employer and we are proud to make diversity a strength for our company. Societe Generale is committed to recognizing and promoting all talents, regardless of their beliefs, age, disability, parental status, ethnic origin, nationality, sexual or gender identity, sexual orientation, membership of a political, religious, trade union or minority organisation, or any other characteristic that could be subject to discrimination.