Appointment details

External Member of the Financial Policy Committee

Summary
About the appointment
Person specification
Application and selection process
Additional information for candidates

Summary

Organisation: Bank of England - Financial Policy Committee
Sponsor department: HM Treasury
Location: London
Sectors: Business and Trade
Skills: Regulation
Number of vacancies: 1
Time commitment: 23 day(s) per quarter
Remuneration: £99,200 per annum
Length of term: 3 years
Application deadline: 11pm on 10 June 2022

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Timeline for this appointment

Opening date

11 April 2022
Application deadline

11pm on 10 June 2022

Timeline dates are only an estimate and can change

About the appointment

Introduction

This is a high-profile and influential role. The appointment of external members to the Financial Policy Committee (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.

This role requires a part-time commitment of an average 23 days a quarter, though actual experience can vary considerably.

Organisation 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 an 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.

Person specification

Essential criteria

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.

Application and selection process

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Public appointments are made on merit following a fair and open competition process which is conducted in accordance with the principles of the Governance Code for Public Appointments. We will deal with your application as quickly as possible and will keep you informed at key stages. We aim to conclude the appointment process within three months of the deadline for applications – this is in accordance with the Governance Code.

The assessment process

Ministers are responsible and accountable to Parliament for the public appointments made within their department. As a result, they must be consulted at every stage of the appointments process.
An Advisory Assessment Panel (“Panel”) is appointed by Ministers to assist them in their decision making. The role of the Panel is to decide, objectively, which candidates meet the eligibility criteria for the role.
At the shortlisting meeting the Panel will assess applications against the eligibility criteria and decide which candidates should be recommended for interview. Ministers will then be consulted on the Panel’s recommended shortlist.
Once the shortlist has been agreed by Ministers, you will be advised (by e-mail) whether you have been shortlisted. Those shortlisted will be invited to an interview.
The Panel will meet again to interview candidates and determine who is appointable to the role. The names of all appointable candidates are provided to Ministers. It is then for Ministers to determine merit and decide who should be appointed. In some circumstances, Ministers may choose not to appoint any candidates and re-run the competition.
The Panel’s recommendations will be provided to Ministers in a report which details the assessment method used and the outcome of each interview. They will then be asked to agree on the candidate(s) who should be appointed.
Once the decision on the appointment has been made, interviewed candidates will be advised of the outcome of their application. Successful candidates will be issued with their Terms & Conditions and a letter of appointment should they agree to take up the position.

In general, you should have the right to work in the UK to be eligible to apply for a public appointment.

There are a small number of specialist roles that are not open to non-British citizens. Any nationality requirements will be specified in the vacancy details.

The Government expects all holders of public office to work to the highest personal and professional standards.

You cannot be considered for a public appointment if:

you are disqualified from acting as a company director (under the Company Directors Disqualification Act 1986);have an unspent conviction on your criminal record;your estate has been sequestrated in Scotland or you enter into a debt arrangement programme under Part 1 of the Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17) as the debtor or have, under Scots law, granted a trust deed for creditors.
have an unspent conviction on your criminal record;
your estate has been sequestrated in Scotland or you enter into a debt arrangement programme under Part 1 of the Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17) as the debtor or have, under Scots law, granted a trust deed for creditors.

When you apply, you should declare if:

you are, or have been, bankrupt or you have made an arrangement with a creditor at any point, including the dates of this.
you are subject to a current police investigation.

You must inform the sponsor department if, during the application process, your circumstances change in respect of any of the above points.

When you apply you should also declare any relevant interests, highlighting any that you think may call into question your ability to properly discharge the responsibilities of the role you are applying for. You should also declare any other matters which may mean you may not be able to meet the requirements of the Code of Conduct of Board Members (see Outside interests and reputational issues section below)

For a conversation in confidence, please contact: Anne Murphy (Anne.Murphy@odgersberndtson.com) or Samantha Gourley (samantha.gourley@odgersberndtson.com)

Additional information for candidates

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Important

You can’t apply for this appointment

External Member of the Financial Policy Committee

Contents

Summary

Share this page

Timeline for this appointment

Opening date

Application deadline

About the appointment

Introduction

This role requires a part-time commitment of an average 23 days a quarter, though actual experience can vary considerably.

Organisation description

About the Financial Policy Committee

Person specification

Essential criteria

Application and selection process

Additional information for candidates

Cookies on Apply for a public appointment

Important

You can’t apply for this appointment

Contents

Summary

Share this page

Timeline for this appointment

Opening date

Application deadline

About the appointment

Introduction

This role requires a part-time commitment of an average 23 days a quarter, though actual experience can vary considerably.

Organisation description

About the Financial Policy Committee

Person specification

Essential criteria

Application and selection process

How to apply , Show

Overview of the application process , Show

Advisory Assessment Panel (AAP) , Show

Eligibility criteria , Show

Security clearance , Show

Additional information for candidates

Equality and diversity , Show

Disability confident , Show

Reasonable adjustments , Show

Principles of public life , Show

Code of conduct for board members , Show

Management of outside interests and consideration of reputational issues , Show

Status of appointment , Show

Appointment and tenure of office , Show

Remuneration, allowances and abatement , Show

Pension and redundancy , Show

Application feedback , Show

How to complain , Show

Data protection , Show