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Appointment details

Financial Conduct Authority Non-Executive Director

Summary

• Organisation: Financial Conduct Authority
• Sponsor department: HM Treasury
• Location: London
• Sectors: Finance and Audit
• Skills: Business, Commercial, Regulation
• Number of vacancies: 2
• Time commitment: 50 day(s) per annum
• Remuneration: £35000 per annum
• Length of term: Three Years
• Application deadline: 11:59pm on 25 July 2023

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Timeline for this appointment

1. Opening date

   27 June 2023

2. Application deadline

   11:59pm on 25 July 2023

3. Sifting date

   1 September 2023

4. Interviews expected to end on

   20 October 2023

Timeline dates are only an estimate and can change

About the appointment

Introduction

The UK has one of the most open, innovative and dynamic financial services sectors in the world. It is the engine of our economy, a driving force of global markets, and critical to the creation of sustainable growth at home and abroad

The government’s vision is for an open and technologically advanced financial services sector that is globally competitive and acts in the interests of communities and citizens, creating jobs, supporting businesses, and powering growth across all of the UK. A key enabler of this is an approach to financial services regulation that is coherent, agile and internationally respected.

The FCA is a crucial component of the UK’s financial services regulatory architecture. HM Treasury wishes to appoint two Non-Executive Directors to contribute to the important work of the FCA Board. This is an opportunity to take on wide-ranging and intellectually stimulating role at a large, internationally respected and complex organisation.

Introduction from the Chair

Thank you for your interest in the role of Non-Executive Director of the Financial Conduct Authority (FCA).

The FCA’s operational objectives are to protect the integrity of the UK financial system, protect consumers from bad conduct and promote effective competition in the interests of consumers. It is at the forefront of ensuring UK financial services operate in an environment where harm is prevented, and positive innovation is supported. We are accountable to Parliament but operate independently, in the public interest.

As the regulator of over 51,000 firms, our actions have a profound effect on people’s daily lives, and directly and continuously shape UK and global financial markets, and the wider economy.

A large operational organisation, our work covers the breadth of financial services in the United Kingdom, from international wholesale banking and market infrastructure to consumer credit and pensions, and includes authorisation, supervision and enforcement activity.

Following enactment of the Financial Services and Markets Bill, the FCA’s responsibilities across retail and wholesale markets will increase substantially.

This will include new powers to enable a significant re-writing of our rule book, including following HM Treasury’s Future Regulatory Framework Review, as well as enhanced accountability measures recognising the significance of those new powers. The FCA will also have a new secondary objective to facilitate international competitiveness and the medium to long-term growth of the UK economy. In short, the FCA is moving into an exciting era where it’s impact on people and society will be even greater

More broadly, the implications of an increasingly digital market, the UK’s withdrawal from the European Union, the transition to a low carbon economy, and the evolving demographics of UK consumers are just some examples of why the FCA itself is changing. Our organisation is undergoing a significant transformation programme, designed to make the FCA more innovative, assertive, and adaptive: a data and technology led regulator that runs towards, not away from, complex problems, built on a strong operating platform.

The FCA Board oversees how the organisation operates, holding the executive to account, and is responsible for developing our strategic direction.

This is a demanding role that requires great judgement, integrity, and independence, but offers the opportunity to help bring about lasting, positive change in an essential market. I hope that a diverse range of people with the skills, experience, and sense of public purpose that this role requires will apply. I wish you every success in your application.

Ashley Alder,

FCA Chair

Appointment description

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

·        Demonstrate and uphold the FCA’s commitment to equality, diversity and inclusion

·        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, the Financial Ombudsman Service and the Financial Services Compensation Scheme

Key responsibilities of Non-Executive Directors

·        Develop, promote and act at all times in the best interests of the FCA

·        Develop, monitor, and hold the Chief Executive and executive team to account for the FCA’s performance and strategic direction

·        Apply a constructive style in scrutinising and challenging management recommendations at Board level, respecting the boundary between non-executive and executive responsibility

·        Apply relevant knowledge and expertise to the Board’s debates and decision making

·        Assist in maintaining positive working relationships with the FCA’s key senior stakeholders

More information about the Board and the governance of the FCA can be found in our Corporate Governance Document.

Organisation description

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.

The FCA works alongside the Prudential Regulation Authority (PRA) and the Bank of England to regulate financial services in the UK.

The FCA is made up of a number of divisions, including Supervision, Policy and Competition, Enforcement and Market Oversight, Authorisations and Operations, that work together to deliver its objectives.

The FCA Board maintains oversight of the organisation’s operations and holds the FCA Executive to account. The Board comprises Non-Executive Directors and the Chief Executive. It has several committees to which it delegates certain functions and powers, including:

· Audit Committee;

· Risk Committee;

· People Committee;

· Policy and Rules Committee;

· Oversight Committee; and

· Regulatory Decisions Committee.

Further information can be found at the following links:

· About the FCA and our objectives

· Our strategy 2022-25

· Our annual report and accounts 2021-22

· Our business plan 2023-24

Board composition

• Ashley Alder – Chair
• Liam Coleman – Non-Executive Director
• Bernadette Conroy – Non-Executive Director
• Sophie Hutcherson – Non-Executive Director
• Richard Lloyd OBE – Deputy Chair
• Alice Maynard CBE – Non-Executive Director
• Nikhil Rathi – Chief Executive
• Sam Woods – Ex-Officio Member

Regulation of appointment

This post is regulated by the Commissioner for Public Appointments. For more information, please refer to the Commissioner’s website 

Person specification

Essential criteria

·        A strategic mindset, excellent judgement, and strong interpersonal and communication skills.

·        An appreciation of the role played by financial services regulation in growing the UK economy, enhancing market integrity, and promoting effective outcomes for consumers.

·        Experience of governance and/or strategic leadership in a significant, complex, or changing organisation.

Desirable criteria

·        Demonstrated relevant and current private sector and commercial experience working within the financial services industry.

·        An appreciation of how proportionate and flexible regulation can be shaped to be a driver of growth and competitiveness and/or regulatory approaches in other jurisdictions.

·        Digital markets expertise or demonstrated awareness of the interactions between digital markets and financial services.

Application and selection process

How to apply

The application deadline is 25 July 2023 at 23:59.

To apply, please email Leanne Hill at ApplicationsKF@kornferry.com with 'FCA NED Appointment' included in the subject line. You will be required to supply:

• A comprehensive CV.
• A covering letter which explains your interest in the role and encapsulates the aspects of your experience relevant to the required criteria. Please include the names and contact details of two referees. Referees will not be approached without prior permission.
• The Disability Confident Scheme, Political Activity, and Conflict of Interest questionnaire.
• A Diversity Monitoring Form
• Contact information, including telephone numbers and e-mail addresses, which will be used with discretion.
• Consent to share personal details.

The Diversity Monitoring form will assist HM Treasury in monitoring selection decisions to assess whether equality of opportunity is being achieved. Any information collated from the form will not be used as part of the selection process and will be treated as strictly confidential.

If you have any queries concerning your application, please email Leanne Hill at ApplicationsKF@kornferry.com. Please quote ‘FCA NED Appointment’ within the subject line.

HM Treasury’s Public Appointment Recruitment Privacy Notice is attached below.

Overview of the application process

Public appointments are made on merit following a fair and open competition process which is conducted in accordance with the Governance Code for Public Appointments. We will deal with your application as quickly as possible and will keep you informed at key stages. We aim to conclude the appointment process within three months of the deadline for applications – this is in accordance with the Governance Code.

The assessment process

1. Ministers are responsible and accountable to Parliament for the public appointments made within their department. As a result, they must be consulted at every stage of the appointments process.

2. An Advisory Assessment Panel (“Panel”) is appointed by Ministers to assist them in their decision making. The role of the Panel is to decide, objectively, which candidates meet the eligibility criteria for the role.

3. At the shortlisting meeting the Panel will assess applications against the eligibility criteria and decide which candidates have best met the criteria, who should be recommended for interview. Ministers will then be consulted on the Panel’s recommended shortlist. If you have applied under the Disability Confident Scheme and you meet all the essential criteria, then you will also be invited for an interview.

4. Once the shortlist has been agreed by Ministers, you will be advised whether you have been shortlisted. Those shortlisted will be invited to an interview.

5. The Panel will meet again to interview candidates and determine who is appointable to the role. The Panel may invite you to make a brief presentation at the start of the interview and will go on to question you about your skills and experience, including asking specific questions to assess whether you meet the criteria set out for the post. The Panel will also explore with you any potential conflicts of interest or any other issues arising from your personal and professional history which may impact on an appointment decision.

6. Details of the panel’s assessment of interviewed candidates are provided to Ministers, including whether they have judged a candidate to be appointable to the role. It is then for Ministers to determine merit and decide who should be appointed. In some circumstances, Ministers may choose not to appoint any candidates and re-run the competition.

7. Ministers may choose to meet with candidates before deciding the outcome. Candidates should therefore be prepared for a short time gap between interview and a final appointment decision being made. Candidates who have been interviewed will be kept informed of progress.

8. Once the decision on the appointment has been made, interviewed candidates will be advised of the outcome of their application, including whom they may approach for feedback. Successful candidates will be issued with their Terms & Conditions and a letter of appointment should they agree to take up the position.

Further information about appointments, including tips on applying, can be found on our guidance pages on gov.uk.

Advisory Assessment Panel (AAP)

HMT Panel Member and Chair - John Owen, Director, Financial Services, HMT

FCA Panel Member - Ashley Alder, Chair, FCA

Independent Panel Member - Jenny Knott, Non Executive, British Business Bank

Advisory Assessment Panels (AAP) are chosen by ministers to assist them in their decision-making. These include a departmental official and an independent member. For competitions recruiting non-executive members of a board (apart from the Chair), the panel will usually include a representative from the public body concerned.

AAP’s perform a number of functions, including agreeing an assessment strategy with ministers, undertaking sifting, carrying out interviews in line with the advertised criteria and deciding objectively who meets the published selection criteria for the role before recommending to ministers which candidates they find appointable. It is then for the minister to decide who to appoint to the role.

Eligibility criteria

In general, you should have the right to work in the UK to be eligible to apply for a public appointment.

There are a small number of specialist roles that are not open to non-British citizens. Any nationality requirements will be specified in the vacancy details.

The Government expects all holders of public office to work to the highest personal and professional standards. 

You cannot be considered for a public appointment if:

• you are disqualified from acting as a company director  (under the Company Directors Disqualification Act 1986);

• have an unspent conviction on your criminal record;

• your estate has been sequestrated in Scotland or you enter into a debt arrangement programme under Part 1 of the Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17) as the debtor or have, under Scots law, granted a trust deed for creditors.

When you apply, you should declare if:

• you are, or have been, bankrupt or you have made an arrangement with a creditor at any point, including the dates of this. 

• you are subject to a current police investigation.

You must inform the sponsor department if, during the application process, your circumstances change in respect of any of the above points. 

When you apply you should also declare any relevant interests, highlighting any that you think may call into question your ability to properly discharge the responsibilities of the role you are applying for. You should also declare any other matters which may mean you may not be able to meet the requirements of the Code of Conduct of Board Members (see Outside interests and reputational issues section below)

If you need further advice, please contact Leanne Hill at ApplicationsKF@kornferry.com.

Security clearance

The successful candidate will be required to undertake Baseline Personnel Security Standard checks in line with the Civil Service guidelines. Additional Security Clearance may also be required for certain roles. However, where this applies, candidates will be notified during the appointment process. Further information on National Security Vetting can be found on the Gov.uk website here.

Additional information for candidates

Equality and diversity

We encourage applications from talented individuals from all backgrounds and across the whole of the United Kingdom. Boards of public bodies are most effective when they reflect the diversity of views of the society they serve and this is an important part of the Government’s levelling up agenda.

We collect data about applicants’ characteristics and backgrounds, including information about people’s educational and professional backgrounds, so that we can make sure we are attracting a broad range of people to these roles and that our selection processes are fair for everyone. Without this information, it makes it difficult to see if our outreach is working, if the application process is having an unfair impact on certain groups and whether changes are making a positive difference.

When you submit your application, your responses are collected by the Cabinet Office and the government department(s) managing your application. The data is used to produce management information about the diversity of applicants. You can select “prefer not to say” to any question you do not wish to answer. The information you provide will not be seen by the Advisory Assessment Panel who review applications against the advertised criteria and conduct interviews.

Disability confident

We are a member of the Government’s Disability Confident scheme. We use the Disability Confident scheme symbol, along with other like-minded employers, to show our commitment to good practice in employing people with a disability. The scheme helps recruit and retain disabled people. 

As part of implementing the scheme, we guarantee an interview for anyone with a disability whose application meets the essential criteria for the role, set out in the advert, and who has asked that their application is considered under the scheme. Indicating that you wish your application to be considered under the scheme will in no way prejudice your application. By ‘minimum criteria,’ we mean that you must provide evidence which demonstrates that you meet the level of competence required under each of the essential criteria, as set out in the job-advert.

When you apply you will have the opportunity to select if you would like your application considered under this scheme.

Reasonable adjustments

We are committed to making reasonable adjustments to make sure applicants with disabilities, physical or mental health conditions, or other needs are not substantially disadvantaged when applying for public appointments. This can include changing the recruitment process to enable people who wish to apply to do so.

Some examples of common changes are:

• ensuring that application forms are available in different or accessible formats;
• making adaptations to interview locations;
• allowing candidates to present their skills and experience in a different way;
• giving additional detailed information on the selection / interview process in advance to allow candidates time to prepare themselves;
• allowing support workers, for example sign language interpreters;
• making provision for support animals to attend.

When you apply you will have the opportunity to request reasonable adjustments to the application process.

Principles of public life

Holders of public office are expected to adhere to and uphold the Seven Principles of Public Life. These are:

1. Selflessness - Holders of public office should act solely in terms of the public interest.
2. Integrity - Holders of public office must avoid placing themselves under any obligation to people or organisations that might try inappropriately to influence them in their work. They should not act or take decisions in order to gain financial or other material benefits for themselves, their family, or their friends. They must declare and resolve any interests and relationships.
3. Objectivity - Holders of public office must act and take decisions impartially, fairly and on merit, using the best evidence and without discrimination or bias.
4. Accountability - Holders of public office are accountable to the public for their decisions and actions and must submit themselves to the scrutiny necessary to ensure this.
5. Openness - Holders of public office should act and take decisions in an open and transparent manner. Information should not be withheld from the public unless there are clear and lawful reasons for so doing.
6. Honesty - Holders of public office should be truthful.
7. Leadership - Holders of public office should exhibit these principles in their own behaviour and treat others with respect. They should actively promote and robustly support the principles and challenge poor behaviour wherever it occurs.

Code of conduct for board members

The Government expects all holders of public office to work to the highest personal and professional standards. In support of this, all non-executive board members of UK public bodies must abide by the principles set out in the Code of Conduct for Board Members of Public Bodies. The Code sets out the standards expected from those who serve on the boards of UK public bodies and will form part of your terms and conditions of appointment.

Management of outside interests and consideration of reputational issues

Holders of public office are expected to adhere and uphold the Seven Principles of Public Life and the Code of Conduct for Board Members of Public Bodies. Before you apply you should consider carefully: 

• any outside interests that you may have, such as shares you may hold in a company providing services to government; 
• any possible reputational issues arising from your past actions or public statements that you have made; 
• and/or - any political roles you hold or political campaigns you have supported; 

which may call into question your ability to do the role you are applying for.

You will need to answer relevant questions in relation to these points when making an application. Many conflicts of interest can be satisfactorily resolved and declaring a potential conflict does not prevent you from being interviewed. If you are shortlisted for an interview, the panel will discuss any potential conflicts with you during that interview, including any proposals you may have to mitigate them and record that in their advice to ministers. Alongside your own declaration, we will conduct appropriate checks, as part of which we will consider anything in the public domain related to your conduct or professional capacity. This may include searches of previous public statements and social media, blogs or any other publicly available information. The successful candidate(s) may be required to give up any conflicting interests and their other business and financial interests may be published in line with organisational policies. 

Details of declared political activity will be published when the appointment is announced, as required by the Governance Code (political activity is not a bar to appointment, but must be declared).

Status of appointment

As this is an office holder appointment, you will not become a member of the Civil Service. You will not be subject to the provisions of employment law.

Appointment and tenure of office

Appointments are for the term set out in this advert, with the possibility of re-appointment for a further term, at the discretion of Ministers.  Any re-appointment is subject to satisfactory annual appraisals of performance during the first term in the post. There is no automatic presumption of reappointment; each case should be considered on its own merits, taking into account a number of factors including, but not restricted to, the diversity of the current board and its balance of skills and experience. In most cases, the total time served in post will not exceed more than two terms or serve in any one post for more than ten years

Remuneration, allowances and abatement

Remuneration for this role is treated as employment income and will be subject to tax and National Insurance contributions, both of which will be deducted at source under PAYE before you are paid. 

You can claim reimbursement for reasonable travel and subsistence costs which are properly and necessarily incurred on official business, in line with the travel and subsistence policy and rates for the organisation to which you are applying. However these payments are taxable as earnings and will be subject to tax and national insurance, both of which will be deducted at source under PAYE before you are paid. 

Pension and redundancy

This is an office holder appointment and does not attract any benefits under any Civil Service Pension Scheme. You will not be eligible for redundancy pay as you are not an employee. No other arrangements have been made for compensation upon the end of your term of appointment because an office holder who is appointed for a limited duration would have no expectation of serving beyond that period.

Application feedback

We will notify you of the status of your application. We regret that we are only able to offer detailed feedback to candidates who have been unsuccessful at the interview stage.

How to complain

We aim to process all applications as quickly as possible and to treat all applicants with courtesy.

Please contact Korn Ferry in the first instance if you would like to make a complaint regarding your application at leanne.hill@kornferry.com. If you are not satisfied with how Korn Ferry deal with your complaint, please contact the HMT public appointments team at publicappointments-hmt@hmtreasury.gov.uk. They will acknowledge your complaint upon receipt and respond within 15 working days.

How to complain to Office of the Commissioner for Public Appointments (OCPA)

If you are not content with the appointing department’s response you may wish to further complain to the Commissioner at publicappointments@csc.gov.uk.Further information on how the Commissioner handles complaints can be found on the Commissioner for Public Appointments’ website https://publicappointmentscommissioner.independent.gov.uk/regulating-appointments/investigating-complaints/

Data protection

The Cabinet Office will use your data in line with our privacy policy.

The HM Treasury privacy notice is attached alongside this advert. 

The Korn Ferry privacy notice can be accessed here.

Contact details

Further information can be obtained from Leanne Hill at ApplicationsKF@kornferry.com. Please include 'FCA NED Appointment' included in the subject line.