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Role details

Chair of the Board of Reclaim Fund Ltd (RFL)

Application deadline 13 June 2022

Summary

• Organisation: Reclaim Fund Ltd
• Sponsor department: HM Treasury
• Location: Various
• Sectors: Business and Trade
• Skills: Accountancy, Audit and Risk, Business, Change Management, Commercial, Insurance
• Number of vacancies: 1
• Time commitment: 50 day(s) per annum
• Remuneration: £45000 per annum
• Length of term: 3 years
• Application deadline: 11pm on 13 June 2022

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Timeline for this appointment

1. Opening date

   27 April 2022

2. Application deadline

   11pm on 13 June 2022

Timeline dates are only an estimate and can change

About the role

Introduction

This is an opportunity to Chair the Board of the Reclaim Fund Ltd (RFL).

Role description

The Board is responsible for ensuring that RFL can meet its objectives: to ensure the payment of reclaims from dormant assets can always be made and to thereby enable money from dormant assets be distributed for the benefit of society. The Chair, who will report to ministers, is central to creating the conditions for overall Board and company effectiveness.

The role of the Chair will include (but not be limited to): 

• Leading the Board to drive the effective performance of RFL, providing support and challenge to the Company’s CEO and the executive team in managing the existing Scheme while undertaking Scheme expansion. 
• Ensuring that the Board has a balance of skills and diversity which is appropriate to directing the Company’s business and ensuring high standards of regularity and propriety.
• Ensuring the Board applies excellent standards of corporate governance, including applying the Financial Reporting Council UK Corporate Governance Code to RFL. Liaising with key stakeholders at the most senior level in Government (including ministers and officials from HM Treasury, DCMS and UK Government Investments as policy sponsors and shareholder), the FCA, National Lottery Community Fund and industry to deliver Ministerial objectives and to champion the growth and reputation of the Company. 
• Chairing the Dormant Assets Expansion Board, an industry liaison body which oversees the expansion of the Dormant Assets Scheme into new asset classes. This is an important role to support the development of an expanded Scheme by providing a forum for industry to provide views on Scheme implementation and to build participation in the Scheme. 
• Leading the Board in scrutinising and challenging the Operating Plan formulated by the Company’s management. 
• Leading the Board in monitoring and reviewing the implementation of the investment strategy and portfolio performance. Leading the Board in monitoring and managing risks to, and opportunities for, the Company, including the development and successful implementation of a new reclaim reserving risk model. 
• Providing a public face for the Company. 

Organisation description

RFL was established in 2011, following the enactment of the Dormant Bank and Building Society Accounts Act 2008 and the completion of the Financial Services regulatory regime. RFL makes it possible for money in dormant bank and building society accounts to be used to help good causes whilst enabling customers to retain their ability to reclaim the money in perpetuity. 

To date the scheme, with the participation of 36 banks and building societies, has received over £1.4bn with over £800m being made available to social and environmental initiatives. With the recent Dormant Assets Bill receiving Royal Assent and becoming the Dormant Assets Act 2022, the Dormant Asset Scheme is expanding significantly to allow collection from a wider range of asset classes: insurance, pensions, investment and wealth management and securities, which will be transferred to the Scheme. It is anticipated that this will generate additional monies of over £880m.

Since 30 March 2021, the RFL shareholding previously held by Angel Square Investments Limited (formerly known as Co-operative Banking Group Limited) was transferred to HM Treasury. UK Government Investments Limited manages HM Treasury’s shareholding in RFL. RFL is legally incorporated with its own legal identity, acting at arm’s length from the government, governed by a separate Board of Directors and regulated by the FCA.

Person specification

Essential criteria

1. A demonstrable record of leadership at senior management level in banking, insurance, investment management, or similar financial organisation.
2. Experience of operating at Board level, preferably including in a non-executive capacity.
3. Excellent inter-personal skills and demonstrable capability to manage complex stakeholder relationships within a senior leadership context.
4. Strong intellectual capability, with the capacity to understand technical financial issues and to think strategically to ensure RFL delivers its objectives for government.
5. A commitment to the values of public service, demonstrated through the candidate’s career experience.
6. Able to be approved by the FCA as ‘fit and proper’ for a senior management function.
7. Proven record in championing diversity & inclusion.

Desirable criteria

1. Previous involvement as a Chair on a public or private sector Board as well as non- executive Audit and Risk committee experience is desirable.
2. Experience of working at senior levels within or alongside the public sector.
3. Experience in ensuring financial dealings are prudently and systematically accounted for, audited, and publicly available.
4. Proven track record of working with regulators.

Application and selection process

How to apply

In order to apply you will need to provide:

1. A  Curriculum Vitae which provides details of your education and qualifications, employment history, directorships, membership of professional bodies and details of any publications or awards;

2. A supporting statement setting out how you meet the eligibility criteria;

3. Information relating to any outside interests or reputational issues;

4. Diversity monitoring information. This allows us to see if there are any unfair barriers to becoming a public appointee and whether there are any changes that we could make to encourage a more diverse field to apply. You can select “prefer not to say” to any question you do not wish to answer. The information you provide will not be used as part of the selection process and will not be seen by the interview panel.

5. Disability Confident – If you want to be considered for the disability confident scheme, please indicate in the form below.

6. Reasonable adjustments - requests for reasonable adjustments that you would like to the application process (if applicable).

Please see the following documents:

Chair-of-the-Reclaim-Fund-Ltd-Candidate-Pack-April-2022:

Disability-Conflicts-and-Political-Activity-Questionnaire

Diversity Form

Completed applications should be submitted to  Green Park 

The Advisory Assessment Panel reserves the right to only consider applications that contain all of the elements listed above, and that arrive before the published deadline for applications.

If you have any queries about any aspect of this role, or merely wish to have an informal discussion, then please contact Laura Stuart on laura.stuart@green-park.co.uk

Overview of the application process

1. Green Park will acknowledge your application and keep you updated on the progress of the competition.
2. The selection panel will then assess your application to select those demonstrating the best fit with the role by considering the evidence you have provided against the Essential Criteria in the Person Specification section. Failure to address any or all of these may affect your application.
3. The Panel will identify a subset of candidates who best match the criteria for an initial interview with Green Park to further explore their skills and experience with reference to the criteria in the person specification.
4. The Panel will then have a further meeting to review interview reports on these candidates alongside CVs and statements of suitability in order to select the shortlist. Shortlisted candidates will be advised on the outcome as soon as possible thereafter.
5. References will be taken up for shortlisted candidates in advance of final panel interviews. Furthermore, please note that due diligence is undertaken on all shortlisted candidates.
6. If you are shortlisted, you will be asked to attend a panel interview in order to have a more in-depth discussion of your previous experience and professional competence in relation to the criteria set out in the vacancy description, key responsibilities and accountabilities and person specification.
7. Prior to interview, you may have the opportunity for informal conversations with key personnel in order to improve your understanding of the organisation.
8. Full details of the assessment process will be made available to shortlisted candidates

Public appointments are made on merit following a fair and open competition process which is conducted in accordance with the principles of 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

• 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.
• 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.
• The names of all appointable candidates are provided to Ministers. 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.
• The Panel’s recommendations will be provided to Ministers in a report which details the assessment method used and the outcome of each interview. They will then be asked to agree on the candidate(s) who should be appointed.
• Once the decision on the appointment has been made, interviewed candidates will be advised of the outcome of their application. Successful candidates will be issued with their Terms & Conditions and a letter of appointment should they agree to take up the position.

Advisory Assessment Panel (AAP)

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.

The Panel will consist of: 

Holger Vieten (UKGI Director & Panel Chair) 

Glyn Smith (RFL Senior Independent Director) 

Noël Harwerth (Independent Panel member)

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

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 minimum criteria for the role 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

Government departments 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 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 https://www.gov.uk/government/publications/the-7-principles-of-public-life/the-7-principles-of-public-life--2. These are:

1. SELFLESSNESS - Holders of public office should act solely in terms of the public interest. They should not do so in order to gain financial or other material benefits for themselves, their family or their friends;
2. INTEGRITY - Holders of public office should not place themselves under any financial or other obligation to outside individuals or organisations that might seek to influence them in the performance of their official duties;
3. OBJECTIVITY - In carrying out public business, including making public appointments, awarding contracts, or recommending individuals for rewards and benefits, holders of public office should make choices on merit;
4. ACCOUNTABILITY - Holders of public office are accountable for their decisions and actions to the public and must submit themselves to whatever scrutiny is appropriate to their office;
5. OPENNESS - Holders of public office should be as open as possible about all the decisions and actions that they take. They should give reasons for their decisions and restrict information only when the wider public interest clearly demands;
6. HONESTY - Holders of public office have a duty to declare any private interests relating to their public duties and to take steps to resolve any conflicts arising in a way that protects the public interest;
7. LEADERSHIP - Holders of public office should promote and support these principles by leadership and example.

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 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

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. If re-appointed, 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. 

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 termination 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.

If you feel you have a reason for complaint about the appointment process or manner which your application was handled, please contact HM Treasury. Contact details are available at: https://www.gov.uk/government/organisations/hm-treasury/about/complaints-procedure

Data protection

The Cabinet Office will use your data in line with our privacy policy.  Please also see the Treasury's Privacy Notice

Contact details

Further Information:

If you have any queries about any aspect of this role, or merely wish to have an informal discussion, then please contact Laura Stuart on laura.stuart@green-park.co.uk