Chief Executive of the Financial Conduct Authority
|Appointing Department:||HM Treasury|
|Sectors:||Business, Finance & Skills, Regulation|
|Number of Vacancies:||1|
Closed for Applications
Final Interview Date
Second Permanent Secretary, HM Treasury • Departmental Official
Director General, Financial Services, HM Treasury • Departmental Official
Chair, Financial Conduct Authority • Representative of Organisation
Baroness Sarah Hogg
Senior Independent Director, Financial Conduct Authority • Representative of Organisation
Independent Panel Member • Independent Member
Candidates are sought for the role of Chief Executive of the Financial Conduct Authority (FCA).
This is an opportunity to take on an intellectually demanding role at the heart of international financial services, leading a sizeable and complex organisation. There is a requirement for strong leadership in a challenging environment to undertake a critically important role. Under Andrew Bailey, the FCA has formulated a transformation programme, to equip the organisation for the next phase of its development:
- a data strategy and enhanced analytical skills to rapidly identify harm across an exceptionally broad range of firms of all sizes exploiting fast-moving changes in technology and distribution to target consumers;
- enhance employee capabilities and processes to act swiftly on the harms identified;
- and with a regulatory framework which is appropriate following the completion of EU withdrawal, and which takes advantage of the opportunities for better and more efficient regulation brought by technology and behavioural science.
The incoming Chief Executive will need to lead the further transformation of the FCA.
The FCA, and its Board, are accountable to HM Treasury and to the UK Parliament. Appointments to the Board are made by HM Treasury. The Chief Executive of the FCA is also a member of the Bank of England’s Financial Policy Committee (FPC) and Prudential Regulation Committee (PRC). More background information concerning the role and the structure of the FCA can be found in the Appendix to the Candidate Brief.
Desirable knowledge or experience
- Experienced leader with outstanding track record of managing intellectually demanding teams through effective delegated authority, ideally operating at Board level.
- Proven capability to lead change, drive effective operational delivery and build a strong organisation at all levels.
- Familiarity with the workings of financial services and markets.
- Skilled at operating internationally.
- An understanding of the role and practice of regulation including competition regulation.
- Ability to weigh up risks and then take a justifiable decision which demonstrates transparent decision-making.
- Ability to develop strong understanding across the broad range of the FCA’s activities and supervision responsibilities, including both consumer financial services businesses and the UK/international financial markets.
- Ability to work effectively with senior stakeholders and deliver public accountability.
- Candidates from the public sector should demonstrate a depth of knowledge and understanding of the commercial sector and vice versa.
- Excellent judgement; analytical and intellectually strong; commercially astute; able to develop and articulate clear strategic options, evaluate potential outcomes, and plan effective implementation.
- Ability to lead, inspire and motivate a devolved team; a person with whom people will want to work; ability to identify with, support and extend the FCA’s culture.
- Ability to lead organisational change programs with a relentless focus on driving improvements in operational delivery and efficiency.
- An effective influencer and strong relationship builder with excellent communication skills, both internally and externally; highly tuned listening skills and the ability to communicate effectively with a wide range of people and sizes of audience. Capable of effective engagement with all stakeholders.
- Demonstrates expert engagement in the international sphere, with proven ability to build alliances and make an impact in international debates and negotiations.
- High levels of personal effectiveness, determination and resilience.
- Inquisitive, with curiosity and openness to creative thinking.
- Strong commitment to the aims and objectives of the FCA, capable of balancing the FCA’s statutory objectives at a strategic level, including through a strong consumer focus. Aware of the practical implications of a regulator’s actions on market participants.
- Familiar and at ease in a position with high public visibility and accountability; committed to establishing and maintaining the highest standards of integrity, professionalism and due process.
- Committed to diversity and inclusion in all their forms, ensuring diversity of thought is evident throughout the organisation’s work.
The Chief Executive’s role has five key aspects:
- Driving the strategy, including the strategy for transformation of the organisation.
- Driving the effective operational delivery of the organisation.
- Engagement with consumer groups and regulated firms.
- Working actively with other regulators, both national and international.
- Close liaison with the UK Government, including HM Treasury, and accountability to Parliament.
The individual appointed will need to build a strong reputation for engagement with all stakeholders and be adept at working through delegated authority to talented specialists.
The formal responsibilities of the Chief Executive are defined as follows. The Chief Executive is responsible for leadership of the organisation and managing it within the authorities delegated by the Board. All FCA employees report through to the Chief Executive with the exception of the Chair’s immediate staff, the Director of Internal Audit and the Company Secretary.
The key responsibilities of the Chief Executive include:
- reporting regularly to the Board with appropriate, timely and good quality information so that the Board can discharge its responsibilities effectively;
- informing and consulting the Chair on all matters of significance to the Board so that the Chair and Board can properly discharge their responsibilities;
- involving the Chair in discussions on key issues in relation to the business of the organisation;
- developing and delivering the strategic objectives agreed with the Board;
- recommending to the Board significant operational changes and major capital expenditures where these are beyond their delegated authority;
- assigning responsibilities clearly to senior management and overseeing the establishment of effective risk management and control systems;
- recruiting, developing and retaining talented and diverse people to work at the FCA and, in particular, maintaining a strong management team which is fairly and fully evaluated;
- communicating throughout the FCA the strategic objectives and the values of the FCA agreed with the Board, and ensuring that these are achieved in practice;
- sharing with the Chair and with other members of the FCA senior management the responsibility for communicating the FCA’s messages externally;
- representing the FCA on particular national and international financial institutions, including IOSCO; and
- membership of the Financial Policy Committee (FPC) and the Prudential Regulation Committee (PRC).
How to Apply
Please follow instructions on page 8 of the candidate brief.
|FCA CEO Candidate Brief|
|FCA CEO Candidate Brief|
|FCA CEO Diversity Monitoring Form|
|FCA CEO Questionnaire|
|FCA CEO Questionnaire|
This post is NOT regulated by The Commissioner for Public Appointments.