Role details

Financial Conduct Authority - Non Executive Director

Application deadline 3 November 2024

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 3 November 2024

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Timeline for this appointment

  1. Opening date

    30 September 2024

  2. Application deadline

    11:59pm on 3 November 2024

  3. Sifting date

    28 November 2024

  4. Interviews expected to end on

    15 December 2024

Timeline dates are only an estimate and can change

About the role

Introduction

The UK has one of the most competitive, innovative and dynamic financial services sectors in the world. The sector is one of the UK’s greatest assets, and the FCA is a crucial component of the UK’s international-respected regulatory architecture for financial services.  
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 a 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 now has a secondary objective to facilitate the international competitiveness and the medium to long term growth of the UK economy. 
The FCA 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.
The FCA is the conduct regulator of nearly 45,000 firms, prudential supervisor of around 44,000 firms and specific standard setting authority of 17,000 firms. Its 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, the FCA’s 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.
The FCA has seen significant additions to its remit, an extension of its external accountability and an expansion of its statutory objectives following the enactment of the Financial Services and Markets Act 2023. The FCA is pursuing the multi-year programme to replace assimilated EU law with its tailored financial services regulation to UK markets. It has also published our first report on how the FCA is working to deliver its secondary international competitiveness and growth objective in line with its increased accountability mechanisms. These items in addition to the implementation of the Consumer Duty, a key consumer protection regulation, highlight the FCA’s role in contributing to the health and success of the UK financial services sector.
The FCA has entered its final year of our Strategy 2022-2025 which sets out how we will achieve our objectives with a focus on three key areas - reducing and preventing serious harm, setting and testing higher standards and promoting competition and positive change. Work is now underway on the design of the FCA’s Strategy from 2025.
The Non-Executive Director role is a demanding position 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
Chair

Role 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 nearly 45,000 businesses, prudentially supervise around 44,000 firms and set specific standards for nearly 17,000 firms.  

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 of 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

Annual Report and Accounts 2023/24 (fca.org.uk)

Business Plan 2024/25 | FCA

Board composition

  • Ashley Alder – Chair
  • Nikhil Rathi – Chief Executive
  • Richard Lloyd OBE – Deputy Chair
  • Liam Coleman – Non-Executive Director
  • Bernadette Conroy – Non-Executive Director
  • Sophie Hutcherson – Non-Executive Director
  • Alice Maynard CBE – Non-Executive Director
  • Bryan Zhang – Non-Executive Director
  • Aidene Walsh – Ex-Officio Member 
  • 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 enhancing market integrity, protecting consumers, and promoting effective competition in the interests of consumers
  • Experience of governance and/or strategic leadership in a significant, complex, or changing organisation

Desirable criteria

  • 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 Sunday 3 November 2024 at 23:59.

To apply, please visit www.odgers.com/92396 where you will be asked to submit the following:

  • 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.
  • Contact information, including telephone numbers and e-mail addresses, which will be used with discretion.
  • Consent to share personal details with the FCA and HMT
  • On receipt of your application, you will receive a personal link by email inviting you to complete a Diversity Monitoring Form. This will assist HM Treasury in monitoring selection decisions to assess whether equality of opportunity is being achieved. Any information collated from the Diversity Monitoring 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 harriott.brigden@odgersberndtson.com  

HM Treasury’s Public Appointment Recruitment Privacy Notice is available alongside this pack.

We are committed to ensuring everyone can access our website and application processes. This includes people with sight loss, hearing, mobility and cognitive impairments. Should you require access to these documents in alternative formats, please contact gabrielle.newton@odgersberndtson.com 

Also, if you have any comments and/or suggestions about improving access to our application processes please don't hesitate to contact us response.manager@odgersberndtson.com 

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.

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 (by e-mail) 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 - Robin Lawther, Non Executive, Standard Chartered
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 Harriott.brigden@odgersberndtson.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 ‘essential 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

The Seven Principles of Public Life (also known as the Nolan Principles) apply to anyone who works as a public office-holder.
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 ten years in any one post. 

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 Odgers Berndtson in the first instance if you would like to make a complaint regarding your application at  gabrielle.newton@odgersberndtson.com  
If you are not satisfied with how Odgers Berndtson 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. 

Contact details

Further information can be obtained from Harriott Brigden at Harriott.brigden@odgersberndtson.com

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