Department: Recs, CASS & Oversight

Location: Gurgaon

Reports To: Assistant Manager

Level : 1

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Department Description

Banking, Reconciliations & Control (BRC) is responsible for the receipt and payment of monies to / from investors / intermediaries and the reconciliation of cash and stock positions for Fidelity’s European based funds and FundsNetwork fund supermarket business. In addition, BRC includes the processing of fund distributions, tax & interest accrual processing and various other control related activities for Customer Services.

The successful candidate, as a member of the BRC team will be responsible for supporting the growth of the BRC activities based in the India Service Centre. This role is responsible for ensuring that appropriate client money regulations and controls on customer assets are adhered to and best practice standards are maintained across all activities, particularly in the protection of customer assets and client monies.

Purpose of your role

The Bank reconciliations department is a part of the Banking, Reconciliations & Controls (BRC) group. The department is responsible for daily reconciliations of client money & settlement bank accounts. They are also responsible for daily reconciliation of client money as well as various corporate ledgers. Reconciliation activities are performed on client money strategic system – Autorek, GFAS and spreadsheet. A delay in the reconciliations may lead to regulatory incidents and may not reflect a true and fair view of the financial statements of the company. The team plays a key role in the delivery of month end and financial year ends from a reconciliation’s perspective. The team is also involved in liaising with multiple teams across various locations for resolution of reconciliation discrepancies.

Key Responsibilities

Bank Reconciliations is responsible for the daily reconciliation of the Client Money and Settlement Bank Accounts within the regulatory timeframe. They are also responsible for the daily reconciliation of the client money and corporate ledgers. A delay in the reconciliations may lead to regulatory breaches and may not reflect a true and fair view of the financial statements of the company. The team plays a key role in the delivery of month end and financial year ends from a reconciliation’s perspective. The role of an associate will also include ensuring integrity between various systems on which client data/postings are generated & stored i.e. Autorek, GFAS, Sonata & CFP.

· Daily Reconciliations of all bank accounts and control ledgers, including Automated and Manual reconciliations.

· Identification and addressing potential shortfalls / surpluses in client money accounts and ledgers to avoid Client money issues.

· Ensuring timely money movements across client and settlement bank accounts to address any shortfalls /surpluses and thus avoiding client money incidents.

· To maintain and update ledgers, including recording of appropriate reasons for outstanding items over a set of period including ongoing investigations and clearance of ageing items.

· To create correcting journals / cashbook keyings for reconciliation purposes.

· To investigate & follow up on outstanding items with other departments within BRC (Cashmatch, CBU, Controls & Settlements etc) as well as other departments in UK, Luxembourg, Germany, Hong Kong, etc.

· Produce reconciliation reports of outstanding items and their aging, also including action steps for resolution.

· To gain regulatory knowledge and ensure knowledge is regularly updated and maintained across the team.

· To be flexible enough to work beyond the normal working hours as per the business requirements for cent percent achievement of the deliverables.

· To provide various month end reports and reconciliation summary to assist Finance with their month end reconciliations and preparation of Financial statements.

Experience and Qualifications Required

· B.Com or an equivalent bachelor’s degree from a recognised university. 2-3 year previous experience in finance or related areas is desirable. Multi-departmental exposure will be an added advantage.

· Strong analytical skills with attention to detail.

· To be able to prioritise and organise effectively to ensure deadlines are met.

· Demonstrates a high level of commitment to improving customer service / processes internally.

· Excellent communication skills.

· Good computer skills with knowledge of MS Word, Excel and Power Point. Sound knowledge of AS400/AutoRek is required.

· A flexible approach with an ability to work with other departments in the organisation.

· Ability to remain highly motivated and focused towards the key measurements.

· Team player who is also self-motivated and can work independently.

· Adaptable to changing business needs – a team player with a flexible approach and the ability to multi-task.

· Energetic & enthusiastic and a supportive and proactive team player.

· A strong understanding of the FCA Client Money regulations is required. See Less