[Remote] Product Legal Counsel, Borrowing at Monzo

Cardiff, Wales, United Kingdom

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Not SpecifiedCompensation

Senior (5 to 8 years)Experience Level

Full TimeJob Type

UnknownVisa

Fintech, BankingIndustries

Requirements

Ability to work directly with senior lawyers, product managers, and engineers to provide legal advice and commercial insights
Expertise in legal and regulatory requirements for borrowing products, including mortgage referral, credit card, loan, credit information service, overdraft products, and business lending
Knowledge of compliance with the Consumer Credit Act (CCA), MCOBS, recoveries, collections, and handling customers in financial difficulty, considering conduct and legal requirements
Ability to coordinate and collaborate on legal matters with teams across Monzo, including Compliance, Risk and Control, other control functions, and business teams
Capability to provide training and knowledge sharing on the impact of laws and regulations
Ability to act autonomously as the sole lawyer advising product managers or colleagues, taking ownership, identifying legal issues proactively, evaluating risks, and finding effective solutions to unique and complex business activities
Experience helping to build and develop a high-performing Legal team by testing and developing new ways of working to enable scaling

Responsibilities

Partner with product managers to advise on legal matters relating to borrowing products
Support with incidents and queries relating to compliance with the Consumer Credit Act (CCA), MCOBS, recoveries, collections, and customers in financial difficulty
Coordinate and collaborate on legal matters with teams across Monzo, including Compliance, Risk and Control, other control functions, and business teams
Provide training and knowledge sharing with colleagues on the impact of laws and regulations on Monzo or customers
Act autonomously, take ownership of matters, identify legal issues proactively, evaluate relevant risks, and find effective solutions
Help build a world-class, scalable, high-performing Legal team by testing and developing new ways of working
Work closely and collaboratively with Senior Legal Counsel, Borrowing, Director of Product Legal, and other UK Legal team members to provide legal advice and commercial insights to Product teams
Serve as a trusted advisor, working proactively and collaboratively with stakeholders across Product, Risk & Compliance, Supplier Operations, Credit, Financial Crime, Fraud, and Operations teams

Skills

Financial Services Law

Consumer Credit Law

Mortgage Law

Regulatory Compliance

Legal Advisory

Contract Drafting

FCA Regulations

Risk Management

Product Law

Monzo

Digital-only banking platform for consumers

About Monzo

Monzo operates as a digital-only banking platform focused on providing a modern way for individuals to manage their finances. Its main product is a mobile app that allows users to track their income, spending, and savings easily. The app includes features that help users save money, such as automatically setting aside a portion of their paycheck or rounding up transactions to the nearest dollar. Monzo generates revenue through interest on deposits, fees for certain services, and interchange fees from card transactions, as well as offering overdrafts and personal loans. What sets Monzo apart from traditional banks is its real-time balance updates and instant spending notifications, which help users stay informed about their finances. The goal of Monzo is to provide a convenient, mobile-first banking experience that meets the needs of its growing customer base, which has surpassed 8 million users.

London, United KingdomHeadquarters

2015Year Founded

$1,856.7MTotal Funding

LATE_VCCompany Stage

Fintech, Financial ServicesIndustries

1,001-5,000Employees

Benefits

Competitive salary

Flexible working hours

Work from home

Stock options

32 days of paid vacation and public holidays per year

Health insurance

EAP

Learning budget

Home office stipend

Paid parental leave

Risks

Monzo breached UK banking regulations, risking reputational damage and fines.

Expansion into Europe poses regulatory challenges and potential licensing delays.

Reliance on digital platforms makes Monzo vulnerable to technological disruptions.

Differentiation

Monzo offers real-time spending updates and categorized transactions via a mobile app.

The 'Pots' feature allows users to set aside money for specific purposes.

Monzo Plus provides premium features like custom card designs and travel insurance.

Upsides

Monzo secured $400M in 2024, valuing the bank at $5 billion.

The partnership with SignLive enhances accessibility for Deaf customers.

Expansion into Europe in 2025 could significantly increase Monzo's customer base.

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