Directorate Overview
In the Financial Market Infrastructure Directorate (FMID) you will join a directorate at the heart of the Bank, responsible for supervision, policy and technical risk analysis on the infrastructure that sits at the core of the financial system – payment systems, central counterparties (CCPs) and central securities depositories (CSDs).
The financial market infrastructure firms (FMIs) that we regulate are essential to the smooth and safe operation of the UK financial system. For example, payment systems allow funds to be transferred between businesses and individuals, and from business-to-business and individual-to-individual. They are used for many day-to-day transactions. CSDs keep ownership records of individual securities and facilitate the secure transfer of these securities between people or entities. CCPs sit between buyers and sellers of financial contracts so that both parties hold a contract with the CCP rather than with each other. This ensures that the obligations of a trade can be fulfilled if one party fails so reducing counterparty credit risk. As a global financial centre, the smooth and safe operation of UK FMIs is also vital for international markets.
We offer an outstanding and exciting place to work in a highly collaborative directorate, which is unusual in bringing together supervisors, policy analysts, risk and data specialists in one place. This means there are plenty of opportunities for cross-cutting working and the opportunity to gain insight into how different areas work. Working in FMID is a phenomenal way to understand the linkages of the financial system. We also undertake 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:
FMID is passionate about delivering the Bank’s diversity agenda, retaining and attracting diverse talent and ensuring that the directorate is somewhere that all staff feel they belong. Flexible working is encouraged.
Job description
As a Lead Policy Analyst in the Post-Trade Policy Division:
* you will report into one of the teams’ managers. You will use your analytical skills and critical thinking to deliver policy analysis and recommendations. You will have the opportunity to take forward specific aspects of the regulatory framework, by undertaking analysis of key policy issues, drafting clear papers and presenting your recommendations to the Bank’s senior committees (e.g. Financial Policy Committee, and FMI Committee), to inform policy decisions.
* you might also get involved in work to help develop the Bank’s positions on related issues in international fora; and support the Executive Director and other senior staff when they are representing the Bank, for example at the Committee on Payments and Market Infrastructures or external speaking engagements.
* you will also collaborate closely with supervisory and technical specialist colleagues in FMID, and support other teams in the Bank leading work in areas related to FMID’s responsibilities. This could include working with FMID Supervision on prospective new firms, or with FSSR on issues relating to CCP margin, working with International Directorate on maximising the Bank’s influence in international committees, or with Prudential Policy Directorate on cross-cutting operational resilience issues.
The roles can be flexible and we are keen to tailor them to match the skills and experience of the successful candidates.
The Post-Trade Policy Division works on a range of exciting and high-profile domestic and international policy issues. It consists of teams covering Strategy and Market Access, International Policy and CCP Resources, and Governance, OpRes and Framework Policy.
Our policy work involves working with a range of internal and external stakeholders including FCA, HMT, industry bodies and international regulators. Some of the work we are currently doing includes:
* Designing the future regulatory framework for CCPs and CSDs, including how we approach Cost Benefit Analysis and our Secondary Innovation Objective
* Participating in the design and negotiation of international global standards for FMIs
* Creating the regime for overseas CCPs and CSDs to provide services in the UK, and advising on the equivalence of third country regimes
* Delivering policy on cutting edge issues relating to the financial and operational resilience of CCPs including critical third parties and margin; and authorisation of innovative new firms.
Minimum criteria
We want inquisitive people who enjoy working with others and share our values of diverse ideas and open debate. We’re more interested in what you can bring than your existing knowledge. You should not be put off from applying if you do not meet or do not have all of these criteria – we would encourage you to get in touch to discuss what support you might need to close any gaps and/or any other skills you might have which you think could be helpful in role.
* Teamwork – ability to work collaboratively and inclusively with diverse colleagues (including seniors), both inside and out of the team.
* Analysis – able to bring together information from multiple sources to reach evidence-based judgements using limited information, and quickly develop expertise in new topics
* Stakeholder management – experience establishing and owning relationships with internal and external stakeholders, and able to influence through these relationships
* Good written and oral communication skills – ability to communicate complex information in a clear and concise manner to senior audiences, adapting style as appropriate.
* Managing workload – able to handle multiple workstreams, reprioritising as needed to ensure key deadlines are met, and take routine work forward with minimal direction.
Desirable criteria
One or more of the following:
* Knowledge and experience of the financial services regulatory agenda as it relates to digital assets, central counterparties or central securities depositories
* Some knowledge of, or previous exposure to, the activities undertaken by financial institutions
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
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.
This role offers a salary of circa £48,640 - £54,720.
In addition, we also offer a comprehensive benefits package as detailed below:
* Currently 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. The Bank has the discretion to vary standard accrual rates and dial up and dial down rates at any time and to withdraw dial up and dial down options at any time.
* A discretionary performance award based on a current award pool.
* An 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
* 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 Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis.
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 assessment process will comprise of an interview covering competence-based and technical questions, and discussion of a short written exercise to be completed before the interview (the details of this exercise will be shared in the invitation to interview).
This role closes on Monday 24 March 2025.
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.
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