Senior Legal Counsel

Discovery Corporate & Employee Benefits

Senior Legal Counsel

About Discovery

Discovery’s core purpose is to make people healthier and to enhance and protect their lives. We seek out and invest in exceptional individuals who understand and support our core purpose, and whose own values align with those of Discovery. Our fast-paced and dynamic environment enables smart, self-driven people to be their best. As global thought leaders, Discovery is passionate about innovating in order to not only achieve financial success, but to ignite positive and meaningful change within our society.

About Discovery Corporate & Employee Benefits

Discovery Corporate and Employee Benefits is the first and only employee benefits provider to shape employee behaviour, creating healthier and wealthier workforces. It is an exciting business to be in as we reimagine the way retirement savings and life insurance are brought to companies and employees.

Key Purpose

• To perform a legal advisory function and deliver legal advisory services to the Employee Benefits and Invest business units on all legal aspects pertaining to the umbrella retirement funds, retail retirement funds, retail investments and group life insurance products.
• To perform a legal and regulatory oversight function with a key focus on advising business on the legal and regulatory framework, identifying, mitigating and managing legal risks, and advising business on implementing legislative requirements.
• To provide legal advice to the administrators of the Discovery retirement funds (Discovery Invest and Discovery Life), the Board of Trustees, and the Principal Officer of the Discovery retirement funds.
• To provide commentary on draft legislation relating to the financial services sector and to provide support to first line compliance team in the business with the analysis and implementation of promulgated legislation.
• Contribute to the leadership, management and strategic direction, professional expertise, operational delivery, and continuous improvement and development of the legal function.

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
• Teamwork/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 8 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

Employment Equity  

The Company’s approved Employment Equity Plan and Targets will be considered as part of the recruitment process. As an Equal Opportunities employer, we actively encourage and welcome people with various disabilities to apply.

EMPLOYMENT EQUITY   
                             
The Company’s approved Employment Equity Plan and Targets will be considered as part of the recruitment process. As an Equal Opportunities employer, we actively encourage and welcome people with various disabilities to apply.