Cabinet Office
Non-Executive Director to the Board of the Financial Conduct Authority
Closed| Body: | Financial Conduct Authority |
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| Appointing Department: | HM Treasury |
| Sectors: | Business, Finance & Skills, Regulation |
| Location: | London |
| Skills required: | Regulation |
| Number of Vacancies: | Up to 5 |
| Remuneration: | Salary of £35,000 per annum (p.a.), with an additional £10,000 p.a. if the individual chairs a Board Committee. |
| Time Requirements: | The estimated total commitment is approximately 50 days per year, to include attendance at Board and Committee meetings (around 2 to 3 days per month), preparation time and other ad hoc engagements. In general, the nature of the role will require flexibility as to the commitment, given the demands of regulation in a high-profile and fast-moving industry. |
Campaign Timeline
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Competition Launched
23/05/2019
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Closed for Applications
14/07/2019
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Long List Date
24/07/2019
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Panel Sift
29/08/2019
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Final Interview Date
19/09/2019
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Announcement
TBC
Indicative Dates
Assessment Panel
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Charles Randell
Panel Chair
FCA Chair • Representative of Organisation
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Gwyneth Nurse
Director, Financial Services, HM Treasury • Departmental Official
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Tim Jarvis
Director, Consumer and Competition Policy, BEIS • Departmental Official
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Lynne Peacock
Non-Executive Director, Nationwide • Senior Independent Panel Member
Vacancy Description
The Government is seeking to appoint a number of Non-Executive Directors to the Board of the Financial Conduct Authority. These appointments are to fill vacancies which arise from retirements in 2019 and 2020 as Directors complete their maximum terms. In accordance with the Financial Services Act 2012, one of these appointments will be made jointly by the Treasury and the Department for Business, Energy & Industrial Strategy, with further appointments made solely by the Treasury.
Person Specification
These vacancies are senior roles requiring people with the necessary skills to assist the Chair in providing strategic leadership and oversight of the FCA and in supporting and positively challenging the FCA’s senior executives. The FCA’s work is highly varied and engages with people and firms throughout the UK: the Board seeks to reflect that diversity in its composition. Candidates with senior experience in the private, public and/or not-for-profit sector (including those for whom this would be a first board appointment) are encouraged to apply.
Additional Information
Essential criteria
Candidates for these roles will need to demonstrate:
- Strategic and dispassionate mindset with excellent listening, influencing and communication skills;
- A constructive style in scrutinising management recommendations where necessary;
- Intellectual capacity and inquisitiveness;
- A demonstrable understanding of, and concern for, consumer issues in financial services
- A strong commitment to the principles of public service (see below);
- For one of the vacancies, senior experience of internal controls, including financial controls and financial reporting, in order to chair the Audit Committee.
Desirable knowledge or experience
Some or all of the following criteria are also desirable:
- A good understanding of the financial services sector, possibly but not necessarily obtained through working in the industry and/or experience gained in other fields such as competition economics, policy or law and consumer affairs;
- Experience of governance and/or strategic leadership in a significant, complex organisation;
- An ability to build effective relationships and collaborate successfully at the highest levels within business and government;
- Digital technology experience and an appreciation of the impact of technological change on the FCA’s future plans and objectives;
- A track record of sound judgement, and the ability to apply common sense and tact;
It would also be desirable for one of the successful candidates to demonstrate expertise in competition economics. One of the successful candidates may also be invited to join the board of the Payment Systems Regulator, the economic regulator for the payments sector, in addition to their position on the FCA Board.
The maximum total term for a non-executive director is six years, comprised of renewable terms of up to three years. The terms of each appointment will be subject to discussion, with the aim to ensure renewal dates are staggered.
Ethics
Individuals appointed to the roles must demonstrate a strong commitment to, and an understanding of, the value and importance of the principles of public service. These principles are: Selflessness, Integrity, Objectivity, Accountability, Openness, Honesty and Leadership. Annex C provides further information on the seven principles of public life.
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Candidate Brief FCA NED |
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Candidate Brief FCA NED |
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FCA NED Questionnaire |
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FCA NED Questionnaire |
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FCA-NED-Diversity-Monitoring-Forn |
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FCA-NED-Diversity-Monitoring-Forn |
