Benchmarks Policy Associate
4 weeks ago
The Role
There are few jobs where you can make a real difference to the 2 million people who work in the UK Financial Services industry, the 40 million consumers of financial products and the stability of our economy as a whole. From regulating Consumer Credit to driving action on Foreign Exchange manipulation or helping strengthen accountability in the banking sector, the FCA is working with the industry to protect consumers, ensure the integrity of the UK financial system and promote fair and effective competition.
Our remit has significantly expanded since our creation in 2013, with the number of firms we regulate growing from 23,000 to 56,000. We oversee conduct across the full span of the financial sector from global investment banks to high street payday lenders, and are now preparing to implement a new strategy that will sharpen our focus to face the regulatory challenges ahead. Our people are integral to our success as an organisation, working alongside industry, visiting firms and speaking to consumers every day as we strive to ensure the FCA is setting the standard for other regulatory bodies across the world.
We are looking to fill an Associate role in the Capital Markets Department within the Supervision Policy and Competition Division. SPC has a vital role to play in enabling the FCA to act early and decisively when market issues appear on the horizon, in making make smart policy proposals and in delivering the FCA's mandate to promote effective competition.
Capital Markets
The Capital Markets department is a key part of the Infrastructure & Exchanges directorate in the Supervision, Policy and Competition (Markets) division (SPC). It is responsible for policy in respect of primary markets, post-trade, market abuse, short selling, wholesale crypto and benchmarks. It is also responsible for the supervision of benchmark administrators and credit rating agencies.
On the policy side, the department fulfils the FCA’s need to develop domestic rules in the FCA Handbook, to engage directly with international bodies and to successfully influence the agenda setting and policy making process for wholesale market regulation so that we deliver our statutory objective of ensuring that markets work well.
You will join a dedicated team of policy professionals who are focused on shaping creative and evidence-based policy solutions that benefit consumers, markets and competition. We work collaboratively to solve problems and flexibly to delivery better consumer outcomes. We are committed to sharing our knowledge and encouraging new ideas.
Developing policy at the FCA is rewarding and intellectually stimulating work. Our people are our greatest asset and we can support you to develop your career by offering a variety of challenging work and the opportunity to make the most of relevant internal and external learning and training.
Benchmarks Policy Team
Many products that support financing or risk management activities use benchmarks, and it is essential to our FCA market functioning objective that benchmarks are sufficiently robust, representative and protected from potential misconduct to prevent harm to users.
Where a highly-used benchmark becomes vulnerable, it poses a threat to orderly markets and financial stability. It is therefore essential that an orderly transition takes place away from that benchmark, and that the FCA has the powers to support this. This applies to LIBOR, which used to be - and to a large extent continues to be, even beyond the end-2021 transition deadline - referenced in many financial products across various sectors (including derivatives, bonds/securitisations, loans, mortgages and funds).
Our objectives in the Benchmarks Policy team are to prevent harm to consumers and investors as well as market disruption/financial stability risks resulting from the use of benchmarks. We do this by focusing on two key operational objectives, to ensure:
- Benchmarks are robust, representative, protected from potential misconduct/manipulation, clean, and- An orderly move away from the use of LIBOR by industry; after the key milestone of end-2021, the focus is now mainly on USD LIBOR (with panels ending in mid-2023) and any remaining reliance on the synthetic settings that are currently continuing for legacy products; in each case our objectives are to reduce the threat to orderly markets and financial stability and to ensure that financing and risk management activities can continue when the relevant LIBOR settings finally cease or become unrepresentative.
As an associate in the team, you would be contributing to a number of the team’s deliverables - such as the delivery of one of our key FCA priorities to achieve an orderly LIBOR transition for the financial markets, as well as other Benchmarks regulation, competition and ESG workstreams the team is also leading on.
What does the role involve? What are the key responsibilities?
The Benchmarks Policy team has as one of its main prio
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