• Job Description

  Req#: 22669
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  The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.
  
  The Bank of England is a diverse organisation. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

  Department Overview

  Ever wondered what it’s like to work at the heart of the financial system, delivering financial stability for the UK? Whatever your background or current career, if you’re motivated to work with us, we’d love to hear from you.

  We work for the public good by supervising the firms that run the critical infrastructure upon which the UK financial system depends, ranging from some of the largest global clearing houses through to the national UK ATM operator. Our mission is to protect the UK economy by keeping the backbone of the financial system secure and reliable.

  We offer an outstanding and exciting place to work in a highly collaborative directorate, undertaking work with strong links into numerous other parts of the Bank and international regulators. For more information on the work we do, see our latest annual report available here https://www.bankofengland.co.uk/news/2022/december/supervision-of-financial-market-infrastructures-annual-report-2022.

  Role Description

  The Bank supervises clearing houses (CCPs) who sit at the heart of global derivatives markets. The Bank directly supervises three UK CCPs, and indirectly supervises foreign (or ‘incoming’) CCPs. We have supervision teams dedicated to each UK firm, as well as broader CCP teams that supports incoming-supervision, thematic work, our CCP data strategy, international engagement and crisis management.

  This role is a senior management role within our Clearing Supervision and Regulatory Operations Division. The Division comprises three broad teams spanning clearing supervision, and the regulatory operations that underpin supervision in the wider directorate.

  This senior management role involves providing leadership across the teams you will manage. The work is likely to include:

  · The supervision of some of the world’s most systemic CCPs, setting and overseeing the delivery of our strategy to meet our financial stability objectives.

  · The negotiation and implementation of co-operation agreements and delivering deference-based supervision for a number of significant overseas CCPs; and

  · Building and maintaining strong relationships with key international regulators, and overseeing the successful delivery of supervisory colleges, bi-laterals. These relationships are critical to delivering our supervisory strategy and supporting the Bank’s wider objectives given the global nature of clearing.

  You will work closely in partnership with risk specialists and other senior managers across the FMI supervision area, to ensure the Bank delivers effective supervisory outcomes. You will also engage a broad range of different areas across the Bank including PRA, FSSR, Markets and Resolution Directorate.

  As a senior manager, you will be expected to play an active role in the running of the division, and wider supervision area (which comprises two divisions – Clearing Supervision and Regulatory Operations, and Payments, Settlements and Innovation Supervision division).

  Work in FMI supervision is varied which means there’s always something exciting going on. Our work is high profile. You will coordinate the team’s engagement with stakeholders across our directorate and the wider Bank on topics of interest to senior stakeholders; fiercely prioritise to ensure that the team is focussed on what matters most; and own senior relationships with the firms supervised by the team.

  Are you who we’re looking for?

  If you’re interested to find out about FMIs we would love to work with you! We want inquisitive people who enjoy working collaboratively and who share our values of diverse ideas and open debate. We’re more concerned about what you can bring than what you know.

  Minimum (Essential) criteria

  · Sound knowledge of financial markets and/or financial market infrastructure, with a strong motivation to contribute towards the role and support financial stability.

  · The ability to think strategically and to set the direction for the team, prioritise its work and developing proactive solutions to problems.

  · Able to build, manage and motivate diverse and inclusive teams, providing support for direct reports and delivering effectively through others.

  · Excellent stakeholder management: able to establish personal credibility and influence stakeholders at senior levels both internally and externally, even when there is a need to deliver difficult messages.

  · Confident delivery of complex projects, using good judgement, strong analytical skills and strong stakeholder management across competing priorities.

  · A role model of the Bank Behaviours (Act Inclusively, Drive Growth, and Deliver Outcomes).

  · Excellent communication skills: ability to communicate complex information through a variety of media to different audiences.

  Desirable criteria

  · Relevant supervisory experience and understanding.

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  Our Approach to Inclusion

  The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.

  At the Bank of England we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.

  We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.

  For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

  Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

  Salary and Benefits Information

  This specific role offers a base salary of circa £79,880 - £101,250 per annum (depending on skills and experience) on a full-time basis. We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.

  In addition, we also offer a comprehensive benefits package as detailed below:

  • A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
  • A discretionary performance award based on a current award pool.
  • A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that for the Benefits year 2023/24 ONLY, this will increase to 8%)
  • 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
  • Private medical insurance and income protection.

  National Security Vetting Process

  Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice

  The Application Process

  Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.

  
  The closing date for applications is 27 November 2023.

  The assessment process will comprise of two stages.

  Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.

• About the company

  The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based.

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