An open Letter from Loretta Minghella, Chief Executive of the Financial Services Compensation Scheme

Thank you for your interest in the Financial Services Compensation Scheme (FSCS); I do hope you will consider applying for a role with us.

Set up under the Financial Services and Markets Act 2000 (FSMA), the FSCS is the UK's statutory fund of last resort for customers of financial services firms offering protection for deposits, insurance policies, insurance broking, investment business and home finance advice and arranging. On a typical day we can find ourselves paying a £30 credit union claim, a £5 million insurance claim or a £25,000 pension mis-selling claim. For me, this variety and importance makes working for the FSCS both a challenging and a rewarding place to work.

Our role has become especially demanding in the present financial climate. During the last six months, we have paid out over £20bn in compensation for 5 bank failures. Consumers have been looking to us for help in significantly increased numbers: whether this is in relation to actual claims for compensation, or, in the present unstable financial climate, for reassurance and clarification of the protection we offer if a firm they are doing business with fails.

We need to be able to respond promptly and professionally to whatever comes our way and, to that end, we are committed to ensuring that our systems, processes and people are as effective as possible. Moreover, the Banking Act and new rules to be made by the FSA will bring further changes, including the need to prepare for payout within days in the event of a bank failure by 2011. By rising to these challenges, we can play our part to help restore and support consumer confidence in financial services, as well as meeting the compensation needs of retail consumers in the event that an authorised financial services firm goes into default.

The FSCS currently employs about 170 people and we need to fill a number of new roles to meet our expanding responsibilities. That's where you come in. We are looking for talented people who have the right skills and values to join us in developing the FSCS as a world class compensation service.

If you think you are the kind of person we're looking for then we want to hear from you.

For more information please contact our advising consultants, Odgers Select on 0207 529 6340 or by email: select@odgers.com, addressing your enquiry to Katherine Smith.

Yours sincerely

Loretta Minghella.