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Bank of England Supported Hiring – Managers and Policy Advisors, Prudential Policy Directorate

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Location: UK: London (Threadneedle Street)

Opportunity: Supported hiring, with flexible working

Apply by:  22 September 2021

The Bank of England’s Prudential Policy Directorate (PPD) is partnering with Women Returners for a number of roles across their department.

The Bank of England is the UK’s central bank. Their mission is to deliver monetary and financial stability for the British people.

The Bank is recruiting for Managers and Policy Advisors in the Prudential Policy Directorate (PPD). The Bank of England welcomes professionals who have taken an extended career break to apply for these permanent roles. Successful hires who have taken a career break of 2+ years will receive coaching support through the transition period from Women Returners. The Bank is absolutely committed to having an inclusive environment. Improving the diversity and depth of experience of staff is something that the Bank is passionate about. They support their staff in structuring their working arrangements to balance their work-life needs.  These roles are open to job shares, flexible (including working from home days) and part-time working patterns.  The Bank also offers many opportunities for training and career development.

The Bank has hired a large number of returners over the last few years. Read Melissa’s story here. Learn more about working at the Bank here.

About the Directorate

The Prudential Policy Directorate is responsible for designing, negotiating internationally and implementing effective prudential regulation in order to remove or reduce systemic risks, promote the safety and soundness of Prudential Regulatory Authority (PRA) regulated firms and ensure appropriate protection for insurance policyholders.

PPD is currently establishing a new divisional structure which will be in place September 2021:

  • Prudential Framework Division
  • Banking Methodologies Division
  • Strategy and Policy Approach Division
  • Governance, Accounting, Resilience and Data Division
  • Insurance Policy Division

About the roles

Having left the EU, reforms to the UK regulatory framework will be a high priority for PPD. The Government is consulting on a new framework for financial regulation, under which the PRA would have a central role in making prudential policy, including taking on functions that previously sat with the EU authorities.

The Bank is advertising three Manager and three Policy Adviser roles to take forward the Bank’s future policymaking responsibilities. The work will be high-profile and exciting and there will be lots of opportunity for senior engagement and building your network.

Key responsibilities of a Manager or Policy Adviser in PPD include:

  • Managing the contributions of staff (either via direct line management and/or through leading pieces of group work)
  • Mentoring and developing junior staff
  • Leading work to develop and get agreement on policy approaches and frameworks
  • Leading on the drafting of key documents for senior committees and public communications
  • Providing strategic advice to policy makers across the PRA
  • Briefing senior Bank staff
  • Coordinating contributions from others across PPD
  • Building relationships with internal and external stakeholders (eg HM Treasury, firms) to understand their views
  • For Manager roles – you will be responsible for day to day management of the team and for defining roles and responsibilities. You will develop your team through sharing information effectively, coaching and communicating a clear vision to ensure that your staff are productive, engaged and motivated to deliver the area’s aims. This will include setting clear goals and smart stretching objectives that are aligned to those of the team, division and directorate. You will also be responsible for managing all staff-related matters that may arise including performance, absence and sickness.

Specifically, they are recruiting for the following teams (please indicate in your application your preference for which team(s) you would like to be considered for).

1 x Manager: Macroprudential Toolkit Development Team (Prudential Framework Division)

The team is responsible for the development and delivery of a range of macroprudential initiatives, most notably in relation to systemic banks and the Financial Policy Committee’s macroprudential tools. Internationally, they support discussion of macroprudential policy in a range of international committees. They are looking for a Manager to lead delivery of key pieces of new policy work and provide oversight and guidance to the team. The successful candidate will line manage three more junior members of the team, supporting their work and development. The opportunity will suit a wide range of candidates providing an opportunity to contribute on a broad range of issues, develop and empower a team, and engage with senior committees. Given the broad remit of the team, no specific background is sought but an enthusiasm for the macroprudential agenda is essential.

Number of direct reports: 3

2 x Managers: Capital and Compensation Standards Team (Prudential Framework Division)

The team develops policy across all three ‘capital stacks’ (leverage, Pillar 2, and the buffers on top of MREL), and regulates and supervises the UK’s depositor protection scheme, the FSCS.  There is an exciting pipeline of work including ‘finding’ firms’ missing leverage, kicking off a root and branch review of the Pillar 2 framework, and playing a part in determining what role capital could play in response to climate change.  The team will be a good fit for you if you are committed to empowering and developing others and managing high profile projects with many stakeholders, and often exposure to senior committees. No worries if you haven’t had experience of all the areas they cover – you will be surrounded by encouraging people and be given plenty of opportunity to develop on the job!   And given the breadth of issues they cover there is plenty of scope to tailor the exact portfolio around the successful candidates’ interests.

Number of direct reports: between 2-4

2 x Policy Advisors: Basel 3.1 Hub Team (Banking Methodologies Division)

The team is responsible for coordinating the delivery of Basel 3.1 implementation in the UK. Basel 3.1 is the final package of banking reforms developed internationally following the 2008/09 financial crisis. The reforms are due to be implemented in 2023, and will complete the overhaul of the way banks calculate their capital requirements. They will also be one of the first major packages of UK reforms introduced by the PRA following EU withdrawal. The Hub works closely with a number of teams in the Bank to deliver the project. The role will involve working both on broad issues, as well as more detailed analysis of issues with the policy areas, and will have considerable exposure to committees and the senior management in PPD. Following the completion of the project in 2023, staff on the project team will move to other policy issues/teams in the Directorate.

1 x Policy Advisor: PPD Projects and Business Strategy Team (Strategy and Policy Approach Division)

A new team to ensure that the Directorate can respond quickly to emerging priorities. Staff working in the team will be allocated to work on the highest priority PPD projects and issues for typically between 3-6 months at a time. Key PPD projects over the next year that are likely to need support from the team include: implementation of Basel 3.1; developing a strong and simple prudential framework for non-systemic banks and building societies; and a review of the Solvency 2 framework for insurers. They are open to considering candidates with a wide variety of skills and backgrounds with a view to building a diverse skill set in the team. If you join the team you can expect to cover a broad range of issues, work with a wide variety of people, and have considerable exposure to the senior management in PPD.

Role Requirements

Minimum Criteria

  • Experience gained in a policy or analytical setting that complements the job responsibilities as set out above
  • Experience of leading workstreams – planning and pushing forward work, building relationships with stakeholders and delivering high quality outputs
  • Experience of supporting or managing the contributions of more junior staff

Essential Criteria

  • Have a keen interest in contributing to the Bank’s policy work
  • Be able to present information (verbal and written) clearly and effectively across seniority levels and adapt communication to the appropriate audience
  • Evidence of building and maintaining effective relationships with internal and external stakeholders, including the ability to manage conflicting views, build consensus and challenge where necessary

Reward Package

As a unique institution, the Bank has a reward package which sets them apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. They also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit.

These roles offer a FTE base salary of between £59,400 to £74,100 (depending on the role and skillset) plus benefits.

The total package includes:

  • 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.
  • 25 days annual leave with option to buy up to 13 additional days through flexible benefits.
  • Private medical insurance and income protection.

About the Bank of England

As a place of work, the Bank feels different from most other organisations. The atmosphere is relaxed but professional, research-driven and also very much connected to real events in the economy. While organisations in the private sector are focused primarily on profits, the ultimate objectives for the Bank are always the quality of thinking and the rigour of analysis. This makes for an unusually satisfying place to develop your career. Whichever area of the Bank you join, you will almost certainly be working on high-profile and high-impact projects. The issues they deal with on a daily basis are often in the news headlines, and have implications for everyone in the country. For many of their people, this sense of contributing to the public good is one of the most rewarding aspects of working there.

The environment is extraordinary too: a historic building located in the heart of the City, which combines rich tradition with up-to-date technology and facilities. Just as importantly, they have a strong culture of support that exists within each of their teams and across the organisation as a whole.

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.

To apply

Please apply here ensuring that you answer the application questions, complete the work history and submit your CV, as per guidance below.

Apply asap. The closing date for applications is 22 September 2021.

IMPORTANT: When completing your application:

  • For the ‘Source name‘ question it is essential you select ‘Women Returners’ so the Bank can identify you as a returner and know you are applying on a supported hiring basis.
  • Due to the anonymised application process followed by the Bank (detailed below) it is essential to include your career break with dates in your work history, in the area of online free form text.

The Bank anonymises applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed.

The Bank continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Their focus on inclusion is intended to build greater diversity in order to reflect the society they serve and be an employer of choice.