October 5, 2015 – The Financial Conduct Authority has retained Russell Reynolds Associates to recruit three directors for its 11 member board. This includes a replacement for senior independent director Sir Brian Pomeroy as well as filling the posts held by Amanda Davidson, a former director of Baigrie Davies, and Mick McAteer, founder of The Financial Inclusion Center think-tank. This comes after Martin Wheatley stepped down from his role as chief executive officer last month.
At the FCA the role of the board is to set the policy framework and strategy, and to ensure the organization meets its statutory objectives and is able to carry out its work economically and efficiently. The non-executive directors play a vital part in shaping the role of the FCA, including setting strategy and providing advice, guidance and counsel to the executive team, while holding them to account for the performance of the organization.
According to the director job specification, candidates should have prior experience on the board of an organization of a similar level of complexity and profile in the public or private sector, probably in a non-executive capacity, and allied to an independent mindset. Past experience could include financial services, public policy, SMEs and academia.
The Financial Conduct Authority is a financial regulatory body in the U.K., but operates independently of the U.K. government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the U.K.’s financial markets. It focuses on the regulation of conduct by both retail and wholesale financial services firms.
Russell Reynolds Associates’ public sector, trade and associations practice group serves a wide variety of public sector and not-for-profit organizations, related public bodies, regulators, and government-owned companies. It also fills the executive leadership needs of global charities, healthcare providers, and local government and trade associations. Within the U.K., Russell Reynolds Associates is currently leading searches for two managing directors for CBI as well as a fundraising director for BirdLife International.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media