Financial Conduct Authority ChairClosed
|Body:||Financial Conduct Authority|
|Appointing Department:||HM Treasury|
|Number of Vacancies:||1|
|Time Requirements:||2-3 days per week|
Closed for Applications
07/03/2022 at 10:00
March / April 2022
Final Interview Date
Second Permanent Secretary • Departmental Official
Director General, Financial Services • Departmental Official
Senior Independent Director • Representative of Organisation
CEO, Whitbread • Senior Independent Panel Member
Chair, Network International • Independent Member
About the Financial Conduct Authority
The FCA is an independent regulator with the strategic objective of ensuring that the UK’s financial markets function well. To do this, the FCA regulates the conduct of over 51,000 businesses, and will for many of them also consider whether they meet prudential standards that reduce the potential harm to consumers and industry if they fail.
The FCA’s operational objectives are to:
- protect and enhance the integrity of the UK financial system;
- secure an appropriate degree of protection for consumers; and
- promote effective competition in the interests of consumers.
Key responsibilities of the Board
- Develop the strategic direction of the organisation in pursuit of its statutory objectives
- Scrutinise the performance of the organisation in meeting agreed goals and objectives
- Oversee the delivery of the FCA’s multi-year transformation programme
- Hold the Chief Executive and the executive team to account and provide appropriate challenge
- Ensure that the regulatory powers and responsibilities specifically reserved to the Board by legislation are exercised appropriately
- Ensure appropriate policies are in place to manage risks to the organisation’s operations and the achievement of its strategic objectives
- Debate and take specific decisions which are of such significance as to be required to be taken by the Board
- Maintain a sound system of financial control
- Approve the annual budget of the FCA, the Payment Systems Regulator and the Financial Ombudsman Service and the Financial Services Compensation Scheme
Key responsibilities of the Chair
- Lead the Board, ensuring that it carries out its responsibilities effectively and efficiently
- Ensure the organisation complies with good governance practice, legislative requirements and the Articles of Association
- Mentor the Chief Executive of the FCA
- Maintain an effective succession planning process to ensure the Board has an appropriate blend of skills, diversity and experience
- Develop, promote and act at all times in the best interests of the organisation
- Represent and be accountable for the organisation before the Treasury Committee
- Oversee and support the FCA’s work on the global stage, including its engagement with international standard setting bodies and other global fora
- Assist in maintaining high-level relations with the key domestic and international stakeholders of the organisation.
The requirements for this role are as follows.
Essential skills and experience
- Experience of chairing the Board of a complex, high-profile organisation under media, political and stakeholder scrutiny, or considerable experience on such a Board in a non-executive capacity.
- Experience, integrity, authority and standing commensurate with a role of this nature within a prominent public body.
- An appreciation of the role played by regulation in protecting consumers, enhancing market integrity and promoting effective competition in financial services.
- An ability to build consensus, command confidence, provide constructive challenge, and work collaboratively with others as part of a senior team.
- Excellent communication skills, judgement, discretion and political sensitivity.
- An independent mindset and resilience in the face of resistance and competing interests.
Desirable skills and experience
- Knowledge and experience of the financial services industry, or regulated sectors of similar importance to the UK economy, or experience of consumer affairs or competition.
- Experience of leading an organisation undergoing transformational change.
- An appreciation of the role of data and technology in delivering change.
- Experience of collaborating successfully at the highest levels of business and government, both domestically and internationally.