External Member of the Financial Policy Committee

Body: Bank of England
Appointing Department: HM Treasury
Sectors: Business, Finance & Skills, Regulation
Location: London
Number of Vacancies: 1
Remuneration: £99,200 per annum
Time Requirements: This role requires a part-time commitment of an average 23 days a quarter, though actual experience can vary considerably.

Campaign Timeline

  • Competition Launched


  • Closed for Applications


  • Panel Sift


  • Final Interview Date

    Late July

  • Announcement


Vacancy Description

About the Financial Policy Committee

The Bank of England is the central bank of the United Kingdom; it exists to ensure monetary stability and to protect and enhance financial stability. The Bank employs around 4,400 staff and has a gross total expenditure of around £703 million per annum.

The Bank is a diverse organisation and continues to build and inclusive culture where everyone can produce their best work. The focus on inclusion is intended to build greater diversity in order to reflect the society we serve.

The Bank’s policy responsibilities are conferred by legislation on expert bodies within the Bank, one of which is the Financial Policy Committee (FPC).

The FPC is responsible for identifying, monitoring, and taking action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system.  The FPC also has a secondary objective to support the Government’s economic policies.

The FPC has wide-ranging powers of recommendation and can direct the Prudential Regulation Authority and the Financial Conduct Authority to take action to address systemic risks to financial stability.

Key responsibilities of an external member

This is a high-profile and influential role. The appointment of external members to the FPC is designed to ensure that the Committee benefits from thinking and expertise in addition to that existing inside the Bank of England, and to provide constructive challenge during the Committee’s deliberations.  Each member of the FPC should have expertise in the field of financial services and economics.  External members will be independent – they will not represent or lobby for individual groups, interests, or sectors.

The FPC usually meets quarterly for a series of meetings.  The Committee aims to set policy by consensus but will vote if a consensus cannot be reached.  FPC members are also expected to speak to audiences throughout the country, to explain the FPC’s policy decisions and thinking.

Person Specification

The skills and experience requirements for this role are as follows:

  • Significant experience as an intellectual authority on financial stability policy and/or regulation – candidates must have the technical expertise and experience necessary to critically evaluate large amounts of complex information in order to reach independent and well-reasoned macroprudential policy judgements. Candidates should demonstrate they are thought leaders in this field through a proven track-record of overseeing or carrying out high-quality, pioneering research and analysis at a senior level.
  • Strong understanding of developing areas of financial stability risk – candidates should be able to demonstrate a strong understanding of potential emerging risks to financial stability, such as those posed by technological developments, climate change or operational/cyber risks.
  • Independence of thought – candidates must be able to exert influence within the Bank, FPC and in wider external policy debate and be comfortable forming personal views whilst working closely and constructively with FPC members.
  • Excellent interpersonal and communication skills – candidates must be able to communicate with complete credibility in the markets and the media and be able to defend decisions. Candidates must be able to make a strong contribution to the FPC’s communications, explaining policy decisions to the public.
  • Undisputed integrity and standing – the ability to maintain discretion and engender trust with a willingness to abide by the necessary conflict of interest constraints.

How to Apply

If you wish to apply, please submit the following by 23.00 Monday 23rd May.

  • A comprehensive CV (maximum two sides A4, minimum 11 font) setting out your career history and including details of any relevant professional qualifications. The names of two referees should be included in the CV. References will only be taken up for short listed candidates. Referees will not be contacted without your prior consent.
  • A short supporting statement (maximum three sides A4, minimum 11 font) giving evidence of how you meet the appointment criteria as detailed in the candidate profile and summarising the evidence from your career which best demonstrates your qualifications for the appointment. If you believe you may have a potential conflict of interest, please do flag this in the cover letter, as it may be explored at interview.

The preferred method of application is online at: www.odgers.com/85787

If you are unable to apply online please email: gabrielle.newton@odgersberndtson.com

Separately, please complete and send the following to fpc@odgersberndtson.com

  • ‘Disability Confident Scheme, Political Activity, and Conflict of Interest questionnaire’ which can be downloaded from our advert at www.odgers.com/85787

All applications will receive an automated response.

All candidates are also requested to complete an online Diversity Monitoring Form which will be found at the end of the application process. This will assist HM Treasury in monitoring selection decisions to assess whether equality of opportunity is being achieved. Any information collated from the Diversity Monitoring Forms will not be used as part of the selection process and will be treated as strictly confidential.

Disability Conflicts and Political Activity Questionnaire 2022
Public Appointment Recruitment Privacy Notice
Candidate Brief - FPC Member
Diversity monitoring form

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

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