The FCA is seeking a £22,500 a year chair for its Smaller Business Panel which often advises the regulator on issues affecting financial advice firms.

The FCA Smaller Business Practitioner Panel is established by law and is independent of the FCA.

Its role is to contribute towards the "effective development of the FCA’s strategy and policy" and reports directly to the FCA board.

It often raises key issues of relevance to financial adviser and Financial Planning firms.

Panel members are senior practitioners of firms of small or medium size within their sector.

The Financial Conduct Authority is the conduct regulator for around 42,000 financial services firms and financial markets in the UK.

Membership of the panel is made by individual appointment and is not as a direct representative of a firm or organisation, the FCA said. Details of the panel’s current membership can be found on the Panel’s website.

The new chair will have the role of ensuring that the panel offers constructive advice and challenge to help the FCA deliver its strategic and operational objectives, the FCA said.

The appointment is made by the FCA board for a term of three years and is also subject to Treasury approval. The position will be eligible for a fee of £22,500 per annum.

The FCA says the chair should hold an active, senior-level position within a small or medium-sized regulated business and should also have sound understanding of the FCA’s role and objectives and the impact of FCA policy and regulation on financial services and the broader economy. Other skills and experience are also needed, the FCA said.

The closing date for applications is Monday, 28 April with shortlisted candidates expected to be interviewed in May.