The Financial Services Compensation Scheme has outlined a three-month plan to recruit a new chief executive officer to replace the outgoing head of the lifeboat fund Mark Neale.
Neale has held the position at the top of the FSCS since 2010 and will leave to pursue “new challenges” next May when his current third three-year term ends.
Recruitment agency Odgers Berndtson is working with the FSCS to appoint a replacement for the position.
Speaking to Mortgage Strategy sister title Money Marketing, the FSCS confirms the external applications window for the position that opened on 23 October will close this month.
Internal applications are also being considered, the FSCS confirms.
A long list of candidates will be created within a few weeks, before a short list in December to be followed by candidate testing.
An FSCS spokesman says both the interviews of final candidates and a formal offer will be made in January.
He says: “As per the timetable, we hope that the new chief executive will be confirmed in good time before Mark Neale is due to leave in May.”
The advertisement for the role calls for an “exceptional leader” to raise public confidence in the financial services industry.
The outline also states the chief executive is expected to continue to collaborate proactively with regulators and share information and intelligence to limit future failures.
Candidates are expected to have significant leadership experience, rather than specific experience in the financial services industry.
Ability to lead change in complex environments is also listed.
A specific salary for the position is not outlined.
The appointment of a new chief executive in the new year will require the approval of the FCA, the Prudential Regulation Authority and Treasury.