Senior Policy Adviser, Banking and EU Exit

Recruiter
HM TREASURY-1
Location
London
Salary
48000.00 GBP Annual
Posted
09 Aug 2017
Closes
14 Aug 2017
Category
Public Sector
Function
Consultant
Contract Type
Permanent
Hours
Full Time

The Treasury is the United Kingdom's economics and finance ministry. It is responsible for formulating and implementing the government's financial and economic policy. Its aim is to raise the rate of sustainable growth, and achieve rising prosperity and a better quality of life with economic and employment opportunities for all.

Financial Services Group

The Financial Services Group promotes a stable and efficient financial services sector that supports growth in the UK economy and promotes good outcomes for consumers and businesses, by:

  • Promoting growth in the UK economy across all sectors and regions by ensuring financial services operate efficiently and competitively.
  • Supporting macroeconomic stability by ensuring that UK, EU and international regulation reduces risk of financial and wider macroeconomic instability.
  • Prioritising good outcomes for consumers and businesses through appropriate regulatory reform, effective competition and better informed consumers.

Securities, Markets and Banking Team

This team brings together policy on securities and markets with prudential banking policy. The Securities and Markets part of the team deals with policy and regulatory issues relating to financial markets, including market infrastructures trading venues, clearing houses and settlement and derivatives and foreign exchange markets where the UK and City is the pre-eminent global centre. We are currently in a period of unprecedented change for many of these markets, to a large extent driven by regulatory changes in response to both the global financial crisis and high profile conduct scandals.

The team is also responsible for policy and regulatory issues relating to prudential banking rules and requirements. The team works closely with colleagues in the Treasury's Financial Stability Group and the UK regulators, as banking standards are devised in international fora, negotiated by policy-makers and then implemented. This work is fundamental to delivering the Treasury's objectives of financial stability, economic growth and competitiveness.

The team plays an important role in EU withdrawal, with responsibility for providing the internal Treasury expertise and advice needed to inform the UK's negotiation and implementation of policy for this part of the FS sector.

The team delivers its policy objectives through close working with colleagues within the Bank of England, FCA, DExEU, and routinely engages with industry and EU stakeholders. The team is also responsible for supporting major international negotiations, at the EU and FSB G20 level.

The role

This is a wide-ranging, highly-visible and strategic role with responsibility for bank sector issues within the FS Group's wider EU-exit workstreams, particularly domesticating FS legislation and our strategy towards EU and Global Market access. Through these workstreams you will have to balance core objectives of financial stability and competitiveness as you feed into the UK's overall approach to financial services and EU exit. You will work closely with a number of colleagues across the Financial Services, Financial Stability and International & Europe Groups, and will have significant engagement with the UK Regulatory Authorities, particularly the Bank of England. There may also be future opportunities to shape the post-exit prudential agenda. This role will also provide the opportunity to develop trusting relationships with senior stakeholders in the banking industry and wider City. You will manage one range D who will support you in these objectives.

  1. Shape policy on the UK's future trading relationship with the EU in financial services feeding into the work of the EU Market Access workstream. In particular, you will need to help decide how to prioritise the approach to the banking sector, what specific provisions are needed to achieve that in a new EU-UK relationship, and how to persuade the EU to agree these provisions. You will work closely with the Market Access Unit in the EU Strategy team and contribute to the Group's Market Access Working Group.
  2. Work closely with the Global Financial Markets team and regulators to analyse and address the implications of the UK's exit from the EU on the UK's relationship with other major FS jurisdictions around the world. For instance, the postholder will need to ensure a continuation of existing prudential treatments/agreements with the US to prevent any cliff edges for both UK and US firms.
  3. Lead the work on domesticating the EU's Prudential Framework - working closely with onshoring team, Treasury Legal Advisors and the UK Regulators to bring elements of the EU acquis onto the UK statute books. This is a major project, both in terms of scope, and also in terms of the breadth of policy decision-making that will be required, some of which will have fundamental and lasting impacts on the future balance of regulatory responsibilities in the UK post EU-exit.
  4. Develop an extensive knowledge of the prudential banking framework and its interaction with broader strategic objectives of the department and the FS group. A prior knowledge of Financial Services Regulation, particularly in an EU context, is therefore desirable.
  5. Feed into other ongoing cross-sectoral EU exit work including the future of the UK's regulatory regime and analysis of financial stability impacts.

Required Skills, Knowledge and Experience:

  1. The ability to master policy detail (including across financial, regulatory and international issues), but also explain it clearly and concisely to ministers, senior officials and external stakeholders.
  2. Strong stakeholder management skills, to build relationships with colleagues, regulators and industry, and act as a credible representative of HMT.

The ability to work independently, taking the initiative to drive work forward, in an area where the political landscape is constantly evolving.