The job advert appears in the Times newspaper, under the heading ‘Contributing to Financial Stability’.
An “exceptional person” is sought by the FSA to succeed David Hall, who steps down after six years as chair of the FSCS at the end of March 2012.
Candidates should either have spent a “significant” part of their career in financial services, or “be able to demonstrate an excellent understanding of the sector”.
The successful candidate will work at the FSCS’ central London offices “circa two days per week; £75,000 per annum”.
Advisers and the rest of the regulated finance industry pay for the FSCS through levies.
The chairman will lead the 14 person board in setting the FSCS’ strategy, “dealing with often complex issues and in continuing the transformation of the business”.
“Working with the chief executive, the chair will ensure that FSCS fulfils its mission to provide a responsive and efficient compensation service and is prepared to respond to future financial failures,” the advert stated.
The appointment is made by the FSA, with the approval of HM Treasury, though under the government’s planned regulatory reforms the FSCS will also be accountable to FSA successor the Financial Conduct Authority, and to the Bank of England’s Prudential Regulatory Authority.
Elsewhere the advert stated the FSCS recovers the costs of compensation and its own running costs from levies on the industry.
It also said the FSCS paid out compensation of over £20bn following the bank failures of 2008, and just over £0.5bn in 2010-11.
Closing date for applications is Friday 30th September 2011.
