Economist - Personal Injury Discount Rate Expert Panel

Body: Ministry of Justice
Appointing Department: Ministry of Justice
Sector: Business, Finance & Skills
Location: London (remote attendance will be possible)
Skills required: Audit and Risk, Insurance
Number of Vacancies: 1
Remuneration: £300 per day
Time Requirements: Approximately 10 meetings throughout 2023/2024, (virtual attendance possible) with some time outside of meetings for reviewing analysis

Campaign Timeline

  • Competition Launched

    09/11/2022

  • Closed for Applications

    09/12/2022

  • Panel Sift

    05/12/2022

  • Final Interview Date

    09/01/2023

  • Announcement

    TBC

Vacancy Description

Acting as the Economist Expert Panel Member will be an exciting opportunity to inform government decision-making in an area which has a tangible impact on citizens in ensuring fair compensation for the victims of life-changing injuries.

It is expected that the Economist panel member will be an expert in the field of applied microeconomics and be able to use this knowledge to provide detailed, accurate advice as to how the PIDR could be set in accordance with the legal framework set out in the legislation.

As the Economist panel member will be expected to provide advice on a range of issues, a range of areas of expertise may appropriate. However, given the types of loss that compensation payments are intended to address (in particular, the claimant’s care and care management costs and loss of future earnings), applicants for the Economist role will be especially welcome from those with a background in labour economics and/or the economics of health and social care.

A background in the economics of decision making under uncertainty, investment/portfolio analysis and/or the insurance industry would also be useful. Finally, a familiarity with actuarial concepts and analysis and demographic issues would also be a distinct advantage.

Person Specification

Essential criteria

Candidates will be able to demonstrate the following:

  • A detailed understanding of insurance and/or investment analysis AND/OR experience working in the broad fields of health or labour economics;
  • Practical experience of applying microeconomic analysis to concrete decisions;
  • Capacity to commit to the flexible working commitments required by the panel and excellent time management skills;
  • Effective communication and written skills;
  • A high degree of impartiality and integrity; and
  • The ability to analyse and debate complex issues.

Desirable criteria

  • Knowledge of the PIDR and the considerations which are relevant to setting it;
  • Knowledge of the relevant stakeholders and sectors interested in and affected by the PIDR; and
  • Experience working within behavioural microeconomics (for example, work relating to how people actually make investment decisions).

Additional Information

Tenure: The appointment will run for the duration of the review, which is subject to a statutory timeline. It is likely to conclude in Autumn/Winter 2024.

It will be important that a member’s other commitments do not cast any doubt on their ability to act independently and impartially in discharging the role; any potential conflicts of interest must be declared in your application.

How to Apply

In order to apply you will need to provide:

  1. Please send a Curriculum Vitae and personal statement to personal-injury-discount-rate@justice.gov.uk which provides your contact details, details of your education and qualifications, employment history, directorships, membership of professional bodies and details of any relevant publications or awards;
  2. A supporting statement setting out how you meet the criteria for appointment, as set out in the person specification for the role;
  3. Information relating to any outside interests or reputational issues;
  4. Diversity monitoring information. This allows us to see if there are any unfair barriers to becoming a public appointee and whether there are any changes that we could make to encourage a more diverse field to apply. You can select “prefer not to say” to any question you do not wish to answer. The information you provide will not be used as part of the selection process and will not be seen by the interview panel; Please complete the form on this link DIVERSITY MONITORING FORM
  5. Disability Confident – please state if you want to be considered for the disability confident scheme;
  6. Reasonable adjustments – requests for reasonable adjustments that you would like to the application process (if applicable);

Please provide the information at points 3-6 above on the relevant form, or as part of your supporting statement on the attached document.

We are also currently advertising for the three other panel member roles: with the following references:  Actuary Ref 1002, Consumer matters as relating to investments Ref 1003, and Managing investments ref 1004

The Advisory Assessment Panel reserves the right to only consider applications that contain all of the elements listed above, and that arrive before the published deadline for applications.

Attachments
Economist- Candidate Pack
Supporting+Documents (1)

This post is NOT regulated by The Commissioner for Public Appointments.

Return to Search