About this role
Clockwise (www.clockwise.coop) is one of the UK’s fastest growing credit unions. Founded over 30 years ago, Clockwise serves the people of Leicester, Leicestershire, Rutland, Warwickshire and Northamptonshire. As a not-for-profit organisation, we offer members a range of savings products with interest rates up to 4.5% pa, and affordable loans specifically designed for people who otherwise would find it difficult to borrow.
Clockwise is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
We are financially robust and have just successfully developed and launched in-house our own advanced IT platform, making us the leader in this field. Currently, Clockwise has over 23,000 members, with outstanding loans of £9.8 million, and total assets of over £12 million. We have successfully completed two mergers in the past 24 months, and we are ambitious to expand our services to the community still further.
Having been more than six years in post, our current Chair is planning to step down once we have identified a suitable replacement. There will be a transition period to allow for a smooth handover. The Chair is responsible for the leadership of the Board of Directors and for working effectively with the Chief Executive Officer (CEO) to deliver the agreed strategy for the organisation. It is vital that they have a substantial professional background, ideally in or around financial services, and that they are committed to the credit union’s goals and ethos. We expect them to support our ambitions for growth within a culture of collegiate working and robust, open challenge and debate.
Requirements
- Relevant qualification or training
- Willing to take a DBS Check
Introduction
The current Chair of Clockwise Credit Union announced at the Annual General Meeting in January 2024, that he intends to step down and then assist with an orderly transition to a successor.
The Chair is responsible for the leadership of the Board of Directors and for working effectively with the Chief Executive Officer (CEO) to deliver the agreed strategy for the organisation. It is vital that they promote a culture of respectful, collegiate working whilst encouraging robust, open challenge and debate.
Background
• Clockwise has been operating for over 30 years as a credit union established under the Industrial & Provident Societies Act.
• Clockwise is a not-for-profit organisation owned by its members. It prides itself on being a responsible lender which enables its members to save, borrow and plan for tomorrow.
• Clockwise’s area of operation, known as its common bond, covers individuals who live or are employed in Leicestershire, Rutland, Northamptonshire and Warwickshire.
• Its overall membership base is over 23,000, making Clockwise one of the largest credit unions in the Midlands.
• Clockwise is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority, the Information Commissioner’s Office (ICO), and the Bank of England.
• Clockwise has a range of savings and loan products designed to fulfil the needs of its members. Savings are mainly held in ordinary share accounts with additional funds in ISA and Junior ISA accounts. Loans are tailored to the needs of and risks associated with different members, where different interest rates may be charged. Loans are made mainly to members who are financially disadvantaged but there are also loans secured by savings and those repaid through payroll deduction. Our loan book currently stands at just under £10m.
• In its last audited accounts, for the year ending 30th September 2023, Clockwise declared a surplus of around £55k reduced from £150k in the previous year largely because of the impact of the cost-of-living crisis on our members. Assets stood at over £12m with over £10m of this being our members’ savings.
Current Board
• Clockwise has a strong, experienced Board of Directors drawn from various industries and specialisms. Directors are required to be personal members of Clockwise and to have an association with the geographical area it serves, either through their home or employment.
MAIN RESPONSIBILITIES
Key responsibilities:
• To work closely with the CEO, providing both support and challenge to help them shape and develop Clockwise’s strategic purpose and the delivery of its key objectives.
• To act as an ambassador for Clockwise, helping to build strategic alliances and partnerships.
• To set an agenda primarily focused on governance, strategy, performance, risk, and people, ensuring that issues relevant to those areas are fully considered by the Board.
• To ensure effective communication with members, and other relevant stakeholders to ensure that their views are understood by the Board.
• To ensure that the Board determines the nature and extent of the significant risks Clockwise is willing to accept in the implementation of its strategy, and that the Board regularly reviews the effectiveness of risk management and internal control systems.
• To manage Board meetings effectively to ensure that adequate time is allowed for discussion of all agenda items, in particular strategic issues.
• To ensure that Board members receive accurate, timely and clear information from the CEO, in particular regarding Clockwise’s financial and regulatory performance.
• To ensure that any subsidiary Board committees are properly constituted and operated.
• To ensure Directors regularly update their skills and their knowledge/familiarity with Clockwise’s operations to fulfil their role on the Board and on any subsidiary committees.
• To maintain direct access to management as is necessary and useful, but not to intrude on the CEO’s responsibilities and day-to-day management.
• To ensure that the performance and effectiveness of the Board are evaluated formally on an annual basis. This evaluation should consider the balance of skills, experience, independence, and diversity of the Board, how the Board operates as a unit and any other factors relevant to its effectiveness.
To ensure that Clockwise responds fully and openly to any communication from its regulatory bodies, in particular, the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA), Information Commissioner’s Office (ICO) and the Bank of England.
• Clockwise requires a proactive, independent Chair, willing to provide significant commitment and input.
• In addition to the traditional duties of planning and preparing Board meetings, the Chair of Clockwise is also expected to work actively, in partnership with the CEO, to help deliver the strategic objectives of the credit union.
• The Chair must live or work within Leicestershire, Rutland, Northamptonshire or Warwickshire.
Experience:
• Strong business and commercial experience together with sound financial acumen, preferably drawn from working within the financial services sector.
• Ideally, experience of the provision of savings and loans in credit unions, retail banks, or building societies.
• Experience of operating in a heavily regulated environment, preferably within the credit union or wider financial services sectors.
• Experience as Chair or as a prominent member of a successful board/governing body in an organisation of a comparable size and complexity as Clockwise.
• Ideally, experience gained at a strategic level with not-for-profit, social impact enterprises.
• Preferably, experience of leading business transformation, including the development of new products, partnerships, and mergers/acquisitions.
• Experience and understanding of sound governance practices.
• Experience of developing external stakeholder relationships.
• Experience of influencing policy with external bodies.
Capabilities:
• Skilled in chairing meetings/committees of diverse experience/views with the emotional intelligence to facilitate healthy, open debate and then to draw clear conclusions/actions.
• Good understanding of the legal and regulatory responsibilities of both the role and the organisation, in particular with regard to the PRA and FCA.
• Able to plan strategically and make sound strategic and commercial decisions.
• Possessing the required financial skills to effectively interpret, guide and challenge the organisation’s business plans.
• Capable of working effectively with an autonomous CEO, operating both as a supporter/mentor and as a critical friend.
• Able to undertake formal appraisals of the CEO’s performance.
• Understanding of issues that are important to people in underserved, low-income communities.
• Able to represent the organisation effectively externally, including in the media if required.
• Able to command the respect and support of other Board members.
Desirable Additional Skills:
• Experience/understanding of the use of technology to improve customer experience and management information.
• Experience of change management in a challenging environment.
Personal Qualities:
• Integrity, credibility, with a passion for developing strategy and business performance.
• Supportive, intelligent, and with a wide range of experience.
• Approachable and engaging with a sense of humour.
• Excellent communication and people skills with a desire to work collaboratively with other Board members, the CEO, other employees, and a range of external stakeholders.
• Able to think creatively and to solve problems innovatively.
• Willing to speak out but also to listen and respect the views of others.
• Strong personal commitment to the overall aims, objectives, and values of Clockwise.
Regulatory Authorisation:
• The role carries a requirement to hold SMF 8 (Credit Union Senior Manager) within the PRA/FCA Senior Management Regime. Candidates will therefore need to be authorised by the PRA/FCA before taking up this appointment. As part of the regulatory application process, Clockwise will conduct pre-vetting to include Disclosure & Barring Service (DBS), identification checks and credit history checks.
Compensation and Benefits:
• The position is a voluntary, pro-bono role.
Location:
• Head Office is located in Leicester with at least 2-5 in person meetings per year which may include AGM, Strategic planning and other ad hoc meetings as required, although it is expected that the current practice of allowing attendance at the majority of Board meetings virtually will remain an option for the near future.
Time Commitment:
• The role requires a time commitment of circa 25 days p.a.to include attendance at twelve monthly Board meetings and twelve Executive committee meetings (usually lasting about two hours and held on the third and first Wednesday of the month respectively), an annual strategy day, the Annual General Meeting in January and regular contact with the Chief Executive Officer. Occasionally, there is a need to represent Clockwise at outside events. Training is available to continue to satisfy the requirements of our regulators.
Other information:
Clockwise Credit Union complies with the Equality Act 2010. We believe in fair treatment of all our employees and volunteers and commit to promoting diversity in our employment practices. We do not discriminate in employment based on race, religion, sexual orientation, national origin, political affiliation, disability, age, marital status, medical history, parental status or genetic information.
Causes
Location
This opportunity allows you to volunteer from home
Available from home
Location Clockwise Credit Union