Senior Legal Counsel at Discovery Limited

Key Purpose

• To perform a legal advisory function and deliver legal advisory services to the Invest and Employee Benefits business units on all legal aspects pertaining to retail investments, group life insurance products, retail retirement funds, and the umbrella retirement funds.

Areas of responsibility may include but not limited to

• Conducting legal research and preparation of legal publications, legal updates, and guidance notes to business.
• Preparation of reports for board meetings of the various retirement funds.
• Providing oversight on the drafting of General and Special Rules for the Funds
• Providing legal oversight over the allocation of death benefits in terms of the Pension Funds Act and mentoring the service consultants and junior legal advisors in relation to the investigation of death claims and preparation of recommendations for resolutions of the Board of Trustees.
• Providing advice on regulatory compliance matters and identifying and mitigating risks associated with regulatory non-compliance.
• Pro-active analysis of legislation, regulatory updates and research on legal matters to ensure the best possible outcome for the various entities
• Responsible for external dispute resolution, including handling disputes referred to the ombudsman for long-term insurance, the Pension Funds Adjudicator, Financial Services Tribunal, and litigation in South African courts. This includes the preparation of written legal arguments, as well as instructing attorneys to deal with court proceedings brought against the various retirement funds and the business.
• Drafting and negotiation of contracts relating to collective investment schemes, retirement funds, and group risk schemes, including, custodian agreements, portfolio management agreements, agreements relating to setting up investment platforms, service level agreements, policy documents, etc.
• Represent Discovery at industry bodies as a member of the Legal and Technical Working Groups and fulfil assigned tasks relating to reviewing and commenting on legislation affecting retirement funds and presenting at industry seminars, where required. 
• Oversight of the fund processes and to act as liaison for submission of regulatory reports to the FSCA. 
• Reviewing marketing material and providing legal oversight over the preparation of marketing material for Discovery Employee Benefits and Discovery Invest.
• Providing work leadership and mentoring to less experienced attorneys in the legal team.
• Submission of comments on proposed legislation issued by National Treasury in so as far as it relates to the retirement funds and insurance industries.
• Analyse legislation and its impact for business and assist business in implementing new legislation into business processes.
• Building and maintaining relationships within internal business units and the relevant Regulatory bodies

Personal Attributes

• Analytical and problem solving
• Communication Skills: able to communicate clearly both verbally and in writing.
• Customer Focus
• Interpersonal Savvy
• Innovation
• Integrity
• Attention to detail
• Planning, prioritising and organising
• Team Work/Collaboration
• Stress Tolerance
• Analytical thinking
• Solution driven

Education and Experience

Essentials:

• Matric
• Bachelor of Laws qualification (Legal)
• Knowledge of Insurance legislation
• Knowledge of the Pension Funds Act and related legislation
• Knowledge of Income Tax legislation
• Knowledge of Financial Services legislation
• Knowledge of legislation for Collective Investment Scheme

 Advantageous:

• Post graduate qualification in insurance and/or financial services
• Admitted attorney with litigation experience
• Minimum 5 years’ experience within the financial services industry dealing with employee benefits, investments and/or group risk
• Knowledge of Retirement Fund Compliance and Governance
• Experience in drafting of contracts and fund rules
• Experience in the application of the Policyholder Protection Rules and other insurance Law Provisions
• Experience with Group Risk Insurance cover
• Knowledge of the King IV Principles of Corporate Governance