PRA Regulated Firm Cost Benefit Analysis

2 weeks ago

London, Greater London, United Kingdom Bank of England Full time
Job Description

Cost Benefit Analysis (CBA) Panel members from PRA authorised firms, Bank of England

Under the Financial Services and Markets (FSM) Act, the PRA is required to establish and maintain a Cost Benefit Analysis Panel (CBA Panel) to provide advice in relation to cost benefit analyses (CBAs). The PRA and the Bank of England, as regulator of Financial Market Infrastructures (FMIs), are required to consult this panel. The CBA Panel will provide support on CBAs including advising on individual CBAs and providing recommendations for how the regulators can improve their overall methodology and approach to CBA.

The Prudential Regulation Authority (PRA) is the UK's prudential regulator for deposit-takers, insurance companies, and designated investment firms. The PRA's primary objectives are to promote the safety and soundness of firms, and to contribute to securing an appropriate degree of protection for insurance policyholders. As a result of the FSM Act, and the government's proposals regarding the use of the powers in the FSM Act, the PRA expects to have expanded policymaking and rulemaking responsibilities.

The Bank of England as regulator of FMIs is responsible for supervision, policy and risk analysis on the infrastructure that sits at the core of the financial system - payment systems, central counterparties, and central securities depositories.

The role

The Bank of England is seeking to engage members of the CBA Panel who are currently employed by PRA authorised firms.

The role of the Panel is to provide regular independent input into the production of CBAs published by the PRA and the Bank of England as regulator of FMIs. Members will be expected to review a selection of CBAs produced by the PRA before publication and report their views on the content of those CBAs. Members will also be expected to periodically review the PRA and Bank's overall CBA methodology and processes and provide recommendations for improvements.

Collectively, we expect CBA Panel members to bring considerable expertise in CBA and sector-specific insights to enhance the quality of CBAs produced by the PRA.

The individual

Successful individuals will have significant professional experience working as an economist or in a related profession, skills and experience will include:
  • Experience in the financial services sector, gained either through working directly in a financial services firm or consulting in the industry, preferably having held a senior position. They will be able to demonstrate knowledge and deep understanding of either banking or insurance.
  • A broad understanding of the regulatory environment, prudential policy making, or financial and economic regulation;
  • Strong analytical skills and the ability to absorb large volumes of complex information and to reach reasoned and robust conclusions;
  • The ability to deliver collaboratively as part of a senior level team, possibly but not necessarily with experience on a committee or board.
  • Candidates must be currently employed by a firm authorised by the PRA.
  • Knowledge of relevant methodological frameworks for CBA;
The role is an unremunerated role expected to require a commitment of around 25 days per year. It can be performed on a flexible basis, including with remote working.

The Bank of England has a strong commitment to diversity and equality of opportunity, and welcomes applications from candidates irrespective of their background, gender, race, sexual orientation, religion, or age, providing they meet the required criteria.

All disabled candidates (as defined by the Equality Act 2010) who satisfy the minimum criteria for the role will be guaranteed an interview with the Assessment Panel under the Disability Confident Scheme (DCS).

To be eligible for consideration under the DCS, you must be considered disabled under the Equality Act 2010. This means that you must have or have had in the last 12 months - a physical or mental impairment which has a substantial long-term adverse effect on your ability to carry out normal day-to-day activities. This includes those whose disability has lasted, or is likely to last, for 12 months, or if the disability or condition is likely to progress or recur.

The closing date for applications is 23:59 on 23 June 2024

About Us

We are the UK's central bank - and we are a bank like no other; known by our peers for our world-leading thinking on policy and strategy.

Our mission is to promote the good of the people of the UK by maintaining monetary and financial stability. We seek to keep prices stable and people's money safe. We know our work matters to people, to families, up and down the UK. We are driven by curiosity and the desire to do important, challenging work.

It takes a great team to run the Bank of England. We rely on each other to play our part. We benefit from a collaborative culture and long-established flexible ways of working, supporting our colleagues balance their work and personal lives. We strive to be a place where people feel they belong and have equal access to opportunities, because different perspectives helps us make the best decisions for the public.

There's much to gain from working with us - from career defining work at the heart of the UK economy, being part of a fantastic team, and a rewarding compensation package.

Join us and find a bank like no other. Together, we can make a difference.

The Bank of England will use and protect the information you provide when you apply for a role with us, in line with our obligations under data protection law. This is so we can assess your suitability for the role and administer your application. If you're successful we'll use it to offer you a position and onboard you to join the Bank.

If you would like more details about how your information will be used and your information rights, please visit our recruitment privacy notice

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