Age-friendly Employer: Financial Services Compensation Scheme (FSCS)
FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)
The Financial Services Compensation Scheme (FSCS) is the UK’s compensation scheme for financial services, helping people get back on track by protecting them when authorised financial services firms fail.
FSCS is independent, covers all regulated financial services in the UK and is unique internationally for the scope of the protection it provides. The Scheme protects deposits in banks, building societies and credit unions; insurance; investments; investment and pension advice; home finance advice; debt management and related products.
Since it started in 2001, the FSCS has helped millions of customers and paid out billions in compensation.
Watch the new ‘Is my pension safe?’ video to understand more about how the FSCS helps protect consumers.
At a glance
- Recruitment monitoring for age bias
- HR Lead for Age Diversity
- Midlife Career Reviews
- Mentoring and reverse mentoring
- Career development pathways for mature workers
- Flexible working (remote, part-time, job share, reduced hours, and more)
- Paid leave for volunteering
- Doctor Care Anywhere (Virtual GP)
- Private medical insurance
- Annual health check for over 50s
- Preparing for Retirement Programme
- Carer support with paid and unpaid leave
- Adaptation of work spaces for older workers
- Access to financial planning
- Menopause support
Listening to what mature workers really want
Rather than making assumptions about what kind of support mature workers need, the FSCS asked employees over 50 to share their views. In response, people said they wanted more on financial education, wellbeing, flexible working and learning opportunities. These findings shaped a new approach to support this group. The FSCS put together a toolkit of resources called ‘Making the Most of Midlife’ that covers career development and retraining, guidance and support on financial planning, health and wellbeing, and life at home. One particularly successful element of this approach has been one-to-one ‘Midlife Career Conversations’ with older workers.
Encouraging intergenerational working
The FSCS has made a conscious decision to create a workplace where people of different age groups enjoy working together, mentoring each other and sharing their experience and expertise. In some cases, this is thanks to formal mentoring and training programmes; in other cases, it’s due to a working atmosphere where people are happy to chat informally to help resolve work problems. The result is a workplace where people feel equally valued, whatever their age or the stage of their working life. For the organisation, it means a happier working environment and better business decisions.
Flexible Working is the New Normal
For the FSCS, flexible working is the rule, rather than the exception. The organisation recognises that people of all ages have caring responsibilities, whether that means caring for children, a partner, parents or other family members. It also understands that everyone has days when they need to be at home to deal with a domestic emergency. Flexible working benefits both employees and the organisation. Employees have more flexibility in how and where they work. Meanwhile, the organisation can gain the expertise of highly-skilled older workers who live far from London and only want to commute to the office for occasional days.
|Employee average age||40|
|Total employees aged 45+||63 (33%)|
|Employees recruited aged 45+||18 (35%)|
|Employees promoted aged 45+||3 (19%)|
|Training sessions utilised by over 45s||642 (35%)|
|Employees aged 45+ in part-time roles||1|
|Employees utilising carer's leave aged 45+||1|
|Leavers aged 45+||6 (21%)|
|Employees retained aged 45+||89%|
Date range: 1 June, 2017 - 30 June, 2018
The FSCS isn’t just looking for people with a background in financial services; they recruit people from a wide range of professions - from web developers to lawyers, IT to HR, project management to communications and beyond.
The following business areas periodically recruit into various roles:
- Human Resources
- Communications and Policy
- Claims Handling
- Change Management
- Customer Experience
- Digital and Marketing
- Risk and Audit
All roles are offered as either full or part-time with the added benefit of flexible working, including variable start and end times, compressed hours and remote working. Paid roles can also be available on a permanent, temporary or contract basis dependent upon the role requirements.
The organisation has a generous benefits package offering a competitive salary, 26 days’ holiday plus Bank Holidays, pension, discretionary bonus, enhanced maternity and shared parental pay and leave, health and dental insurance, a virtual GP and more. Visit their Benefits page for more details.
Key areas of focus
The FSCS is keen to see mature talent represented throughout the organisation. Traditionally the IT and Data departments have been both male oriented and attracted a younger applicant so these are specific areas of the business that the FSCS would like to increase diversity in terms of age and gender.
The FSCS doesn't currently offer any unpaid or volunteering opportunities.
WHAT THEY LOOK FOR WHEN HIRING
The FSCS is keen to engage with candidates from both inside and outside the financial services sector.
A key aspect the FSCS looks for when hiring is curiosity. They want people to be questioning and to also be able to challenge.
David Blackburn, Chief People Officer at the FSCS says:
"Challenge is one of our values – and actually our values are at the heart of our entire recruitment approach so we want people who are not afraid of taking accountability, we want people who are able to challenge the thinking, the status quo, in order to help us to get to a better outcome or to a better answer. And then we want those individuals, when we’ve enlightened on that answer, to collaborate with their colleagues to deliver it successfully. And I think it’s those things that we’re looking for in all candidates wherever they come from."
Lynn Phillips, HR Manager adds:
"We look for people who are willing to share their experience – that’s obviously critical. They also need to be open to learning and interested in developing."
HOW TO APPLY
Live vacancies are listed on the FSCS job site when roles become available. You can apply for these roles directly from the job listing.
If you don’t see any relevant jobs listed but are interested in future opportunities at the FSCS, you are welcome to do one of the following:
- Register for job alerts by email
- Register as a potential candidate
- Use the contact form or send an email to email@example.com to enquire about upcoming opportunities, or for an informal chat about how your skills and expertise might benefit the organisation.
FSCS are committed to the recruitment and selection of colleagues with the right blend of skills, qualifications, competencies, experience, knowledge and attitude. All members of selection panels are trained in recruitment and selection or have experience of the process. They also ensure that all recruitment panels reflect the diverse make-up of the FSCS in terms of age, gender and race.
In addition to a competency based interview where you’ll be asked to provide examples of your experience and how that relates to the role requirements; FSCS employs a wide range of testing methods.
This includes a mix of externally validated tests measuring, for example, numeracy, literacy and analytical thinking ability. They might also add internally designed and quality assured tests such as in-tray exercises, presentations, written reports and case studies.
FSCS has a strategic partnership with SHL and use the Occupational Personality Questionnaire (OPQ) in all recruitment – for more information on these types of tests or to complete practice tests you can visit the SHL website.
FSCS Core Values
We always do what we say we will do. People can trust us to deliver.
We put FSCS and what FSCS is trying to achieve above all else.
We have the humility to acknowledge when we are wrong and learn from our mistakes.
We encourage constructive and appropriate challenge.
We are brave and honest in questioning each other and receptive to questions ourselves.
We strive daily to add greater value for all our customers.
We believe in our collective strength. We work better together.
We respect each other’s expertise and use it to achieve common goals.
We work as one to do what we agree is right.
In The Spotlight
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