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FOS to pay new two-day a week chair £75k

The Financial Ombudsman Service is advertising for a new chair on a two-day a week contract to replace Nicholas Montagu.

The role will pay £75,000 a year and is based in London at the ombudsman’s Canary Wharf headquarters.

The new chair will be the first to lead the FOS’s board under its new extended remit. In October FOS announced it will begin to cover complaints about claims management companies and receive complaints from larger small and medium sized enterprises.

The advertisement calls for a chair that can harness the “collective energy and intellect of a capable and diverse board.”

“The chair will set the tone from the top, promoting its values and helping to inspire staff and promote a high morale culture. Externally, the chair will act as an ambassador for the service, ensuring effective engagement with a diverse range of key stakeholders,” is adds.

Applications for Montagu’s successor will open until 3 February. Candidates are expected to have a track record of executive leadership in organisations of a comparable size to the FOS.

The advertisement states candidates must also be “politically astute” but that only “some understanding of current conduct, regulatory and legal issues with retail financial services” is expected.

Montagu will depart the FOS in August after seven years as chair.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. The advertisement calls for a chair that can harness the “collective energy and intellect of a capable and diverse board.”

    Ha ha!

  2. Should be 2/5ths of £75K p.a. If I lived east of London, I myself would consider applying for a two day week paying £75K p.a. Muchos dinero for not having to do very much at all. Nice work if you can get it.

  3. 2 Days a week. How engaged with the topic can anyone be? I’ll bet the working day is 10-5 with 2 hours for lunch. That works out at 10 hours over say 35 weeks that works out at £214 per hour. Glad the FOS is so cavalier with other people’s money.

  4. Did I read this correctly:

    “some understanding of current conduct, regulatory and legal issues with retail financial services”

    “SOME” understanding? Surely someone expected to “harness the collective energy and intellect of a capable and diverse board” and “set the tone from the top” should have a deep and wide understanding of the business they are leading.

    Step forward Michelle Cracknell.

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