Royal London director of policy Steve Webb is in the running to become the next chief executive of The Pensions Regulator.

According to a Sky News report, the former Pensions Minister, Webb, is one of a small number of candidates in the running to replace Lesley Titcomb, when she ends her four-year tenure in February 2019.

Webb held the position of Pensions Minister between May 2010 and May 2015, after which he joined Royal London.

The appointment will coincide with a number of far reaching reforms for the regulator, as it looks to implement a new cost framework, as well as supervising new entrants to the defined benefit consolidators market.

Earlier in the year, TPR was in the firing line from Work and Pensions Committee Chair Frank Field, following its handling of the Carillion and BHS cases.

In September, TPR said it is looking for somebody who can be “bold and take tough decisions” as it looks to appoint a new chief executive by the end of the year.

Current TPR non-executive chair Mark Boyle said that they required somebody with “thick skin” who can "take the baton" from outgoing chief executive, Lesley Titcomb.

TPR started advertising for the new role in September with a view to getting the shortlist together by mid-October and appointing by the end of 2018.

“Firstly, we want a delivery focused leader, someone who is adept at translating policy initiative and programme outputs, such as TPR future, into active regulation. Secondly, we want an accomplished communicator.

“TPR’s profile is higher than it’s ever been and I don’t see it changing for the foreseeable future, so we need somebody to articulate that message, be it to the media or parliament and too wider audiences,” Boyle said.

“Thirdly, somebody who is collegiate, one of Lesley’s legacies is that she built a very strong team, and we want somebody who can come in, work with, and get the best out of that team.

“Lastly, we want someone who is decisive and resilient, who has thick skin but has the ability to be bold and take tough decisions both internally and externally when necessary. Putting those together … I think continuity is going to be key.”

The role, which is on a four-year term, will be based in Brighton and offers a salary of £222,500.

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