UK Treasury to create new head of financial services role amid Brexit fallout

The UK’s Treasury is looking for a new director general of financial services to work alongside the Financial Conduct Authority and the Bank of England, to help build new relationships with the European Union, in the aftermath of the referendum.

The Treasury confirmed to InternationalInvestment that it is looking to create the new role and has placed an advert for the position. The new director general will be expected to negotiate the UK’s new relationship between its financial services industry and the EU and deal with the bureaucratic issues that have arisen after the Brexit vote.

According to the advert, the experienced dealmaker will lead the agenda, within the new political context, to secure financial stability, improve outcomes for consumers and business users of financial services, and enhance the competitiveness of the financial services industry.

A spokesman for the Treasury told accountancy and taxation news website Economia that the outcome of the EU referendum will “clearly have a significant impact on the financial services and financial stability groups”. “This will mean changes to the way in which these groups are structured and operate,” the Treasury said.

Calls for FCA changes

The successful candidate will work closely with other government departments, the Bank of England and the Financial Conduct Authority (FCA) and will go some way to appease recent calls for change by UK MPs and for additional support for the under-fire UK financial services regulator.

The new director general, who will report to Charles Roxburgh, the second permanent secretary of the Treasury, will also conduct negotiations with the European Commission, finance ministries and other international organisations.

‘Negotiating skills’

Among the skill sets that right candidate will need include “strong influencing and negotiating skills that achieve results, ideally in the field of financial regulation”.

The salary for the newly-created position will be around £125,000, but there may be “some flexibility for an exceptional candidate”, the Treasury said.

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