Knowledge of financial markets desirable but not essential for new FCA boss
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The Financial Conduct Authority (FCA) today published an advert for its top job where it listed familiarity with the workings of financial services and markets as “desirable” but not essential.
Outgoing FCA chief executive Andrew Bailey is joining the Bank of England next month to replace Mark Carney as governor.
Bailey’s tenure at the FCA has not all been plain sailing with scandals such as the London Capital & Finance collapse and the closure of Neil Woodford’s equity income fund leading to savage criticism of his leadership.
The job advert does not shy away from the difficult task that Bailey’s successor will take on.
“There is a requirement for strong leadership in a challenging environment to undertake a critically important role,” it said.
Skills and experience listed as essential include excellent judgement, ability to lead, strong relationship building skills and a commitment to integrity and professionalism.
The advert lists “familiarity with the workings of financial services and markets” as a “desirable” but not essential attribute.
Other desirable characteristics listed include being an experienced leader with an “outstanding track record of managing intellectually demanding teams,” skills at operating internationally and an understanding of the role and practice of regulation.
The advert said candidates from the public sector should demonstrate a depth of knowledge and understanding of the commercial sector and vice versa.
Recruitment firm Odgers is carrying out the search for the watchdog’s new boss on behalf of the Treasury.
Last month the FCA said its executive director of strategy and competition Christopher Woolard would take over as interim chief executive until a permanent candidate was appointed.
Bailey took on the FCA chief executive role in 2016, moving from the Bank of England where he was deputy governor.