Role details

Non-Executive Director (Board Member, Audit and Risk Committee, Nominations Committee, and Investments Committee)

Application deadline 3 November 2024

Summary
About the role
Person specification
Application and selection process
Additional information for candidates

Summary

Organisation: Reclaim Fund Ltd
Sponsor department: HM Treasury
Location: London
Sectors: Finance and Audit
Skills: Audit and Risk
Number of vacancies: 1
Time commitment: 25 day(s) per annum
Remuneration: £29000 per annum
Length of term: 3 Years
Application deadline: 11:59am on 3 November 2024

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Timeline for this appointment

Opening date

14 October 2024
Application deadline

11:59am on 3 November 2024
Sifting date

15 November 2024
Interviews expected to end on

12 December 2024

Timeline dates are only an estimate and can change

About the role

Introduction from the Chair

Dear Candidate,

Thank you for your interest in the role of Non-Executive Director (NED) for Reclaim Fund Ltd (RFL)

RFL is a unique organisation. We are the sole reclaim fund in the UK, responsible for managing the Dormant Assets Scheme. The Scheme guarantees that people can reclaim the value of lost and forgotten financial assets in perpetuity. Some money will unfortunately never be reclaimed, and we transfer this to the National Lottery Community Fund which distributes it to social and environmental initiatives across the UK, changing lives and transforming communities.

The following pages will tell you more about RFL, our Board and the requirements for the new NED role, as well as how to apply. You can also find out more from our website at www.reclaimfund.co.uk.

We are looking for a truly exceptional NED who shares our values and enthusiasm for the impact that the Scheme has on our society. If you think you bring these attributes, and the skills and experiences outlined on the following pages, we would love to hear from you.

Lawrence M. WeissChair

Role description

As a Non-Executive Director (NED) at Reclaim Fund Ltd (RFL), you will play a pivotal role in ensuring the organisation achieves its core mission: safeguarding the ability to fulfil claims from dormant assets while facilitating the distribution of surplus funds for societal benefit. You will bring an independent perspective to RFL’s operations, supporting governance and strategic objectives. Additionally, as part of the Audit and Risk Committee, you will oversee risk management and ensure that RFL complies with its regulatory obligations as an FCA-regulated organisation.

Key Responsibilities

Strategic Contribution

Provide constructive challenge and contribute to the development, formulation, and approval of the company’s strategy.

Performance Oversight

Scrutinise and oversee the performance of the Executive team to ensure that agreed-upon goals are met, with a focus on continuous improvement aligned with the company’s objectives.
Monitor the implementation of Board decisions and ensure that the company’s activities are in line with its mission.

Risk Management and Compliance

As an integral member of the Investment Committee, and Audit and Risk Committee, collaborate closely with the Executive team to guide RFL within a prudent and effective control framework.
Ensure that risks, including those related to investment and operational activities, are appropriately assessed, managed, and mitigated in compliance with FCA regulations.

People Management

Support the appointment, evaluation, and, if necessary, the removal of the Chief Executive and Company Secretary in collaboration with fellow Board members.
Support effective succession planning and help guide the Executive team as the company transitions from start-up to business-as-usual operations.

Framework Document Responsibilities

As an Arm’s Length Body (ALB) of the government, RFL’s sole shareholder is the Solicitor for the Affairs of HM Treasury. In this capacity, you will:

Comply at all times with the Code of Conduct for Board Members of Public Bodies and with the rules relating to the use of public funds and conflicts of interest, and with any applicable guidance on the role of Public Sector non- executive directors and Boards that may be issued from time to time by HMG; Avoid the misuse of information gained in your role for personal or political gain, ensuring no conflicts of interest arise.
Uphold company policies on accepting gifts and hospitality and act in good faith to help RFL achieve its objectives, maintaining compliance with all statutory, regulatory, and fiduciary responsibilities.

Organisation description

Reclaim Fund Ltd (“RFL”) was established in 2011 as the UK’s sole reclaim fund, responsible for operating the Dormant Assets Scheme. In 2021, RFL was classified as a not-for-profit, arms length body (ALB) of His Majesty’s Treasury (HMT), backdated to its inception. HMT’s shareholding is managed by UK Government Investments (UKGI). The company operates as a separate legal entity with its own Board of Directors. You can find out more about our Board here. RFL is FCA-regulated.

RFL’s purpose is to unlock the potential of dormant assets to enhance communities and enrich lives, whilst safeguarding the rights of dormant asset holders. Participating financial institutions choose to transfer the value of lost or forgotten (known as ‘dormant’) accounts or policies to RFL. RFL holds a portion of this money to guarantee that people can reclaim their money at any time in future. It transfers the surplus to the National Lottery Community Fund for distribution to social and environmental causes across the UK. In England, the direction of spending for dormant asset funding is determined by the Secretary of State for the Department of Culture, Media and Sport, with funding decisions in other nations of the UK made by the devolved administrations.

Since the Dormant Assets Scheme (‘the Scheme’) was launched in 2011, 50 banks, building societies and more recently, other financial institutions have joined the voluntary Scheme. At the end of the 2023-4 financial year, these participating firms had transferred almost £2bn to RFL, of which £982m had been made available to good causes across the UK, changing lives and transforming communities. During the year, we approved a further distribution of over £146m to TNLCF, the second largest in the Scheme’s history. You can find our Annual Report & Accounts for 2023-4 here.

It’s an exciting time for RFL. Not only are we celebrating the first £1bn to good causes this year, but we are also expanding the Scheme to new participants and asset classes, with the potential to transfer even more money to support vulnerable individuals and communities across the UK. Since the Dormant Assets Act 2022 was enacted, we have expanded the Scheme to insurance and pensions providers, and UK plcs with dormant shares and share proceeds. We are now planning to welcome investments & wealth management firms to the Scheme in the coming months. Together, these newly eligible sectors could unlock a further £880m to good causes in the coming years.

Person specification

Essential criteria

A proven track record as an experienced Portfolio Non-Executive Director, with a strong understanding of governance, board-level responsibilities, and strategic oversight, is required. Consideration will also be given to first-time NEDs who have operated at board level and bring the requisite understanding of governance, leadership, and decision-making responsibilities.
Demonstrable senior leadership experience gained within an FCA-regulated environment, operating in sectors such as insurance, banking, investment management, wealth management, or other similar financial organisations.
As a key contributor to the Investment, and Audit and Risk Committees, work closely with the Executive team to guide RFL within a robust and effective control framework. Demonstrate proven financial expertise with a strong grasp of complex financial matters and numerical analysis, while utilising exceptional interpersonal skills to effectively manage and influence senior leadership and complex stakeholder relationships.
Strong intellectual capability, with extensive experience in financial risk management, along with the ability to understand and interpret key financial issues, including accounting and actuarial reports. While formal accounting and actuarial qualifications are not mandatory, a clear understanding of these concepts is essential.
A strong understanding of risk management, internal audit and corporate governance, including a solid understanding of how risks impact strategy and operations within the financial services sector, ideally as part of an Investment and Risk Committee.

Desirable criteria

Previous experience gained within the wealth management sector would be advantageous.
Proven success in guiding organisations through rapid growth and successfully managing change.
Knowledge of the public sector and its operational and regulatory challenges.

Application and selection process

How to apply

To apply for the Non-Executive Director role, please provide the following documents:

An up-to-date CV.
A supporting statement (maximum two pages) related to the person specification as this is what will be used by the panel in their initial review.
A completed diversity monitoring form on the application link. If you wish to apply under the Disability Confident scheme, please tick ‘yes’ when asked on the diversity monitoring form.

Please submit your application by 11:59pm Sunday 3rd November 2024. To apply, please click on the following link which will re-direct you to Green Park's dedicated site. Reclaim Fund Ltd (green-park.co.uk)

Please note the following:

We cannot accept applications submitted after the closing date.
Applications will be assessed solely on the documentation provided. Please refer to the advert and checklist to ensure you have provided the necessary documentation.
Feedback will only be given to unsuccessful candidates following interview.
Please submit your application with your personal email address to ensure you receive acknowledgement of receipt. To ensure confidentiality, applications submitted under a work email address will not receive acknowledgement of receipt.

Overview of the application process

Green Park will acknowledge your application and keep you updated on the progress of the competition.

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.

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.

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.

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.

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.

Prior to interview, you may have the opportunity for informal conversations with key personnel in order to improve your understanding of the organisation.

Full details of the assessment process will be made available to shortlisted candidates.

Please note: Expenses incurred by candidates during the recruitment process will not be reimbursed except in exceptional circumstances and only when agreed in advance with UKGI.

Advisory Assessment Panel (AAP)

Lawrence M. Weiss - Chair

Holger Vieten - Shareholder Representative NED

Jenny Watson - NED and RemCo Chair

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 [ADD CONTACT DETAILS]

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

The Department is an accredited user of the Disability Confident symbol, which signifies organisations which have a positive attitude towards disabled applicants. All Disability Confident Employers will offer interviews to disabled candidates who meet the minimum requirements for a job or role. If you wish to apply for consideration under this scheme, please complete the declaration in the Diversity Monitoring Form provided. It is not necessary to state the nature of your disability. Whether you choose to apply under the Disability Confident scheme or not, you can still ask us to make particular adjustments for you when attending an interview.

We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process. Please contact us to request accommodation.

Reasonable adjustments

We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process. Please contact us to request accommodation.

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 the lucy.kythreotis@green-park.co.uk at Green Park in the first instance if you would like to make a complaint regarding your application. They will acknowledge your complaint upon receipt and respond within 15 working days.

Data protection

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

You can find Green Park's Privacy Privacy | Green Park (green-park.co.uk)

UKGI PRIVACY NOTICE FOR NON-EXECUTIVE DIRECTOR AND PUBLIC APPOINTMENT APPLICANTS

This notice sets out how UKGI will use your personal data for the purpose of this recruitment campaign and explains your rights under the General Data Protection Regulation. UKGI is committed to being transparent about how it collects and uses personal data and to meeting its data protection obligations.

1. Data Subject categories

As part of any recruitment process conducted on behalf of any Government Department or any Arm’s Length Body (ALB) of any Government Department, UK Government Investments Ltd (UKGI) collects and processes personal data relating to individuals who apply for public appointments.

2. What categories of information does UKGI collect?

UKGI collects a range of information about you. This may include:

• your name, address and contact details, including email address and telephone number;

• date of birth;

• references;

• details of your qualifications, skills, experience and employment history;

• information about your current level of remuneration, including benefit entitlements;

• whether or not you have a disability for which UKGI needs to make reasonable adjustments during the recruitment process (where applicable);

• information about your entitlement to work in the UK (where necessary); and

• equal opportunities monitoring information, including information about your ethnic origin, sexual orientation, health and religion or belief and socio-economic data; and

• results from due diligence searches (including checks on social media and personal websites, potential conflicts of interests, media statements, political activities as well as checks to see if the individual appears on the disqualified director, bankruptcy and insolvency, removed trustees or financial services register)

This list of data categories is not exhaustive and may vary depending on the appointment you are applying for.

UKGI collects this information in a variety of ways. For example, data might be contained in application forms and letters, CVs or resumes, obtained from your passport or other identity documents or those that give proof of address, or collected through interviews or other forms of assessment which may include online tests.

Data will be stored in a range of different places, including on your application record, in HR management systems and on other IT systems (including email).

3. Why does UKGI process personal data and what is the legal basis for doing so?

UKGI may work with suitably selected partners to carry out certain activities for this application process. Where it is necessary to use third parties to do this, these third parties should contact you separately with regard to the way in which they will process your personal data for the purpose of the recruitment process.

These activities include, but are not limited to:

- processing your application;

- advising candidates of the outcome of their application;

- arranging interviews for successful candidates; and

- equality and diversity monitoring.

UKGI may also keep your personal data on file in case there are future roles for which you may be suited. UKGI will ask for your consent before it keeps your data for this purpose, and you are free to withdraw your consent at any time.

4. Recipients of Personal Data

Personal data of applicants will only be made available to those in the appointments process and to the organisations listed below.

The organisations with whom this information will be shared will vary depending on the position being applied for. They include, but are not limited to, the following:

- The Office of the Commissioner for Public Appointments

- Cabinet Office

- relevant appointing Arm’s Length Body and/or Sponsor Department

- HM Treasury

- Office of the Prime Minister

The legal bases for the sharing of this personal data with these relevant organisations are the same as those set out in section (3) above.

5. Protection of Personal Data

UKGI takes the security of your data seriously. It has internal policies and controls in place to ensure that your data is not lost, accidentally destroyed, misused or disclosed, and that it is not accessed except by our employees in the proper performance of their duties.

6. Retention of Personal Data

If your application is unsuccessful, UKGI will keep your personal data on file for 24 months to allow it to provide feedback on request and to defend itself against any legal challenge, as well as to allow it to evidence its fulfilment of its obligations to the relevant instructing Minister/Department. At the end of that period, your data will be deleted or destroyed. A small amount of basic information on the recruitment (candidate name, position applied for,

year of application, outcome) will be retained for such time as is required to allow UKGI to properly provide full and comprehensive information to Ministers in respect of ministerial appointments or for [9] years, whichever is shorter.

If your application is successful, personal data gathered during the recruitment process will be shared with the relevant ALB which will retain this information during your appointment. The periods for which your data will be held will be notified to you by the ALB in a new privacy notice. UKGI will also retain this information for the period of your appointment.

7. Your data protection rights

You have the right to request:

• information about how your personal data is processed and to request a copy of that personal data;

• that any inaccuracies in your personal data are rectified without delay; and

• that your personal data is erased if there is no longer a justification for it to be processed.

You also have the right:

• in certain circumstances (for example, where accuracy is contested) to request that the processing of your personal data is restricted; and

• to object to the processing of your personal data where it is processed for directing marketing purposes.

8. To submit a Data Subject Access Request

To request access to personal data that UKGI holds about you, contact the UKGI Data Protection Officer:

Email: Privacy@ukgi.org.uk

9. Complaints

If you are dissatisfied with the handling of your personal data, you have the right to ask for an internal review. Internal review requests should be submitted to the UKGI Data Protection Officer:

Email: Privacy@ukgi.org.uk

If you still consider that your personal data has been misused or mishandled, you may make a complaint to the Information Commissioner, who is an independent regulator. The Information Commissioner can be contacted at:

Information Commissioner’s Office

Wycliffe House

Water Lane

Wilmslow

Cheshire

SK9 5AF

0303 123 1113

Any complaint to the Information Commissioner is without prejudice to your rights to seek redress in the courts.

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