Policy Adviser in Policy Vision & Approach

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.

Prudential Policy Directorate (PPD) are responsible for designing, negotiating internationally and implementing effective prudential regulation in order to remove or reduce systemic risks, promote the safety and soundness of PRA-regulated firms and ensure appropriate protection for insurance policyholders. PPD supports both the Prudential Regulation Committee and Financial Policy Committee in fulfilling their objectives.

Division Overview 

The Strategy and Policy Approach Division (SPAD) is one of five divisions in PPD.

SPAD sets the overall strategy and approach for prudential policymaking, in line with our vision for strong, accountable, dynamic and accessible regulation. The division also supports the PRA on the identification, selection and delivery of policy priorities.

Responsibilities include ensuring a credible regulatory framework, re-designing the policymaking approach under that framework, ensuring policy is appropriately grounded in economic analysis, and horizon scanning for microprudential risks. The division also covers work on making progress on a clear and coherent UK PRA rulebook, as well as PPD’s broader international strategy and co-ordination. 

In July 2023, the Government introduced the new UK Financial Services and Markets Act (FSMA 2023) to implement the outcomes of the Future Regulatory Framework (FRF) Review. 

The Policy Vision & Approach (PV&A) team in SPAD leads on the PRA’s Policymaking Approach (internal and external). The team is also responsible for horizon scanning (for microprudential risks), and working to prioritise the policy pipeline. The PV&A team leads in the Bank on the publication of the cross-authority Regulatory Initiatives Forum (RIF) Grid. 

Job description

We are advertising a Policy Adviser role in the Policy Vision & Approach team in the Strategy & Policy Approach Division (SPAD). The main focus of the role is to lead on the planning and delivery of the Regulatory Initiatives Forum Grid, and to oversee the team’s work on the internal policymaking pipeline. 

This is a unique opportunity to lead on a key, external publication to inform stakeholders in the Financial Services sector on the UK authorities’ upcoming plans for policymaking. The role will also oversee PPD’s internal policy pipeline work, including working with key stakeholders across the PRA to ensure that the internal tool is as useful and accurate as possible. You will also gain an overview of PPD’s (and the wider Bank’s) policy areas in this role. 

You can expect to 

• set and communicate vision and priorities for your direct reports and the team
• develop and get agreement on policy approaches and frameworks
• identify and resolve or advise on risks to delivery / to PRA objectives
• lead on the drafting and presentation of senior committee documents and public communications
• build relationships and work with a broad range of internal and external stakeholders

This is also a people management role, and you can expect to have line management responsibility for at least 1 direct report, as well as contributing to leadership of the PV&A team and the wider division.

The work is exciting and high impact, with opportunities to present to PRA senior management and to build and maintain relationships with counterparts at FCA and HMT. The role also offers the opportunity to engage with all policy areas covered by PPD as well as interacting with other parts of the PRA and the Bank. 

Number of direct reports: at least 1

Role Requirements

Minimum Criteria

• Line management experience, or similar leadership experience, for example, from leading colleagues on workstreams.
• Experience working on policy issues involving financial regulation or economic regulation; or a consistent record of developing and delivering public policy in the public, private or third sector.

Essential Criteria

• Ability to take an inclusive approach to management, bringing out the best in, and developing the talents of, each individual given a variety of different backgrounds (from direct line management or leading colleagues on workstreams).
• Demonstrable experience with Diversity, Equity & Inclusion initiatives (inside our outside of work) and encouraging others to do the same.
• Ability to present information (verbal and written) clearly and effectively across seniority levels and to adapt communication to the audience.
• Ability to build and maintain effective relationships with internal and external stakeholders, including the ability to manage conflicting views, build consensus and challenge where necessary.
• Strong organisational, planning and time management skills.
• Strong analytical and problem-solving skills.

Desirable Criteria

• Track record of managing and delivering complex workstreams under time pressure.
• Good knowledge of the financial services industry and awareness of key policy debates and issues facing micro and/or macro-prudential policy makers.

You should not be put off from applying if you do not meet or do not have all of these criteria. We have extensive support and training for team members, particularly new joiners, to support development. 

This is a people management role. 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.

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 competitive salary. 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 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.