Adverts appeared in the London press this week for the 270,000 (€465,546) post. It carries direct responsibility for the consumer relations division, the regulation of insurance and investment firms, retail investment policy, training and competence issues and product regulation.
These areas are covered to varying extents by the current two managing directors, Michael Foot, head of financial supervision, who arrived in June 1998, and Phillip Thorpe, head of authorisation, enforcement and consumer relations, who also joined in June 1998.
Melanie Johnson, economic secretary to the Treasury, said: "This is a significant appointment. The new managing director will have a key role in raising public awareness of the financial system and ensuring that consumers have the information they need to make appropriate choices about financial services products."