4 Non-Executive Directors - The Financial Ombudsman Service (the Ombudsman)
Date Posted: 01/06/2020
Closing Date: 28/06/2020
The Financial Ombudsman Service (the Ombudsman) is the statutory dispute resolution scheme for the financial services industry. A public body established by Parliament, its role is to provide an independent and informal complaint resolution procedure without the need for complainants to resort to the courts.
The Ombudsman is independent and impartial. It considers complaints about a vast range of money matters from payday loans, mortgages and pensions to pet insurance, spread betting and payment protection and in the past year has seen its remit extend to larger SMEs and claims management companies.
This is a critical period for an organisation that plays a vital role in protecting public interest. It is also an incredibly exciting time to join the board as it prepares to launch its future strategy. Board members will be critical in helping to shape the path ahead to ensure the Ombudsman can remain dynamic and responsive and in helping to develop innovative strategies that allow the Ombudsman to adapt to a changing and uncertain landscape and evolving consumer and business needs.
The Ombudsman is looking to appoint four new NEDs over 2020 and 2021. These appointments are to fill vacancies which arise as current NEDs complete their terms and to increase the size of the board. The work of the Ombudsman is highly varied and engages with people and firms throughout the UK: the board seeks to reflect that diversity in its composition.
The board plays a vital role in ensuring that the Ombudsman is properly resourced and able to carry out its work effectively and independently.
Key responsibilities will include:
- Agreeing the strategic direction of the Ombudsman and its corporate objectives
- Scrutinising performance in meeting agreed goals.
- Safeguarding and promoting the Ombudsman’s independence as an impartial, decision-making body.
- Ensuring appropriate policies are in place to manage risks and to ensure a sound system of financial control
Successful candidates will possess a high level of integrity and be able to demonstrate effective communication and influencing skills.
Candidates may come from public or private sector backgrounds. They will ideally bring experience in one or more of the following areas: finance/internal controls (including financial controls and financial reporting); digital innovation; large operations/oversight of the end to end customer journey; customer service/customer experience/quality assurance; law.
The appointments will also provide for a review of board sub-committee membership, including to allow for appropriate succession planning for chair roles.
Beyond this, all candidates will bring:
- Proven ability to contribute effectively at board level, shaping strategy and monitoring performance.
- Ability to grasp complex issues quickly and to contribute out with their direct area(s) of expertise.
- A genuine commitment to representing the public interest, and strong alignment with the culture and values of the Ombudsman and its commitment to fairness.
The time commitment is approximately two days per month, for which there is a fixed annual fee of £24,500, with an additional £5,000 for those with additional Senior Independent Director or committee chair responsibilities.
All appointments are made on merit. These appointments will be made by the Financial Conduct Authority (FCA).
The application deadline is midnight on the 28th June 2020. For further information, or to apply, please visit: www.odgers.com/80137