Job Description

The Bank:

• operates monetary policy by changing the interest rate (formally known as Bank Rate);
• is responsible for financial stability, by ensuring the UK\'s financial system is safe and sound;
• acts as a settlement agent for banks and others who are members of several payment systems;
• as the Prudential Regulation Authority (PRA), regulates and supervises some types of financial firms; and
• designs and prints banknotes.

The Bank is seeking three additional panel members for its Enforcement Decision Making Committee (EDMC), which has been established since 2018 and is currently chaired by Sir William Blair.

The Bank has a variety of enforcement powers. For example, as part of its role in regulating firms that it authorises as the PRA, the Bank (through the PRA) has a variety of formal powers to fine and censure firms and individuals. The PRA can also exercise prohibition powers. The EDMC is the Bank\'s decision-making body in relation to contested enforcement cases across the regulatory areas in which the Bank has been granted enforcement powers:

(1) Prudential Regulation;

(2) Financial Market Infrastructure (FMI); and

(3) Resolution.

The EDMC will also act in Scottish and Northern Ireland (S&NI) Banknote Regime enforcement cases, pursuant to the relevant policy. The EDMC is a committee of the Bank, comprising individuals who are not Bank employees and who are independent from the Bank\'s existing executive management structure.

The EDMC works to enhance the Bank\'s enforcement processes by ensuring a functional separation in contested enforcement cases between investigation teams and executive on the one hand, and decision makers on the other. The essence of the system is that decisions are taken by the EDMC independently.

The Financial Services and Markets Act 2023 gives the Bank new powers and expands its remit, including to increase the Bank\'s oversight over FMIs. This in turn also expands the remit of the EDMC. It is both an exciting and historic period of critical change for the financial services regulation.

Candidates can read the biographies of existing members at: .

Committee members will:

• Work collaboratively with other committee members, usually in panels of three, to reach high-quality decisions in an efficient manner;
• Ensure cases are dealt with fairly and expeditiously, in accordance with relevant law, policy and guidance;
• Work collaboratively with support staff and relevant Bank of England stakeholders.

The Individual:

The successful candidate is likely to have extensive and relevant legal, judicial or quasi-judicial experience or come from a financial services background. Candidates will also likely have a background in senior decision making such as:

• Boards
• Committees
• Tribunals, etc

The successful candidate will bring:

Essential Experience:

• Strong analytical skills and sound judgement - candidates must have the expertise and experience necessary to critically evaluate complex information in order to reach independent and well-reasoned judgements. Candidates should be able to deal with evidence which ranges from the occasionally technical (with suitable expert support) to issues touching on individuals\' integrity.
• Independence of thought - candidates must demonstrate a strong ability to work effectively with others to achieve the collective decision-making the EDMC requires, while having the strength of character to ensure independence of thought and judgement.
• Excellent interpersonal and communication skills - candidates must be able to communicate with complete credibility and be able to defend decisions. Candidates should be able to deploy flexible interpersonal skills to deal with a wide range of scenarios.
• Undisputed integrity and standing - the ability to maintain discretion and engender trust with a willingness to abide by the necessary conflict of interest constraints.
• A demonstrable ability to assimilate and analyse large amounts of complex and conflicting information.
• Experience of working collaboratively with others to reach objective, evidence-based decisions.
• A desire to positively influence UK financial services and maintain the integrity of financial markets.
• Flexibility to take on work, sometimes at short notice.
• A broad understanding of the range of UK financial services.

Desirable Experience:

• Knowledge of the law or decision-making in a statutory context.
• Experience and expertise at the highest level in financial services.

The Bank seeks to ensure that the Committee has a broad collective skillset while having at least three legally qualified members. Currently, EDMC members will be appointed for renewable, fixed, three-year periods and will not serve more than two consecutive appointment terms. However, the Bank of England is currently consulting on changes that would see initial terms of five years, with the option to extend the second term to five years. EDMC members will ultimately be answerable to the Court of Directors. EDMC members may also be called upon to appear before parliamentary committees and names of panel members may be published.

The EDMC meets as often as necessary to discharge its functions. This depends on a variety of factors; as such, members might meet frequently or infrequently. However, all members will receive training, as appropriate. Because of the fluid nature of the position, EDMC members should be content to offer a flexible time commitment, understanding the unique nature of the EDMC panel members\' role. The role will be remunerated hourly, in line with the Bank\'s standard senior advisor rates.

The Bank of England values and promotes diversity and is committed to equality of opportunity for all. We believe that it is by drawing on different perspectives and experiences that we will continue to make the best decisions for the public. Appointments are made on merit.

Interested candidates should apply via this portal, sending a CV and statement of suitability. Please download the attached candidate brief for further information about the role and process.

The closing date for all applications is 10 October 2023, 23:55

Downloadable Content

In order to proceed with your application, please either:

Click \'Add to list\' if you would like to look at other roles before starting to apply.
Click \'Apply Now\' if you are ready to start now.

The Lawyer