Cost Benefit Analysis

2 weeks ago

London, United Kingdom Bank of England Full time

**Cost Benefit Analysis (CBA) Panel Members**

**-**
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**009212**
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**Primary Location** UK-ENG-London

**Job** Policy

**Organisation** 642300 - STRATEGY AND POLICY APPROACH DIVISION

**Job Posting** 03-Jul-2023, 8:55:44 AM

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.

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 for the CBA Panel.

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.

CBA Panel members will 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:

- Knowledge of relevant methodological frameworks.
- 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.

Successful individuals should satisfy the requirements for at least one of the two roles set out below:
1. CBA methodology expert

Successful individuals will have experience in a senior position with responsibility for oversight or sign-off of CBA or equivalent analysis (competition economics; the economics of regulation and/or regulatory policy). This may have been gained at a government department or regulator, a private sector organisation such as a consultancy, an academic setting, a think tank, or research organisation.

2. Banking, Insurance, or Financial Market Infrastructure expert
- Successful individuals will have 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 should be able to demonstrate knowledge and deep understanding of at least one of the following: banking, insurance or FMIs.

The Bank values diversity and inclusion - we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive. We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation. One way we support diversity and inclusion is through our staff-run networks, which are summarised here

**Remuneration & Time commitment**:
The role is expected to require a commitment of around 25 days per year. It can be performed on a flexible basis, including with remote working. There is a daily fee of £1,050 per day.

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