Situations Vacant

For £267,946 a year, you get to be a deputy governor of the Bank of England and lead Britain’s efforts to regulate its banks. In return, you have to ensure that the PRA [The Deputy Governor for Prudential Regulation] “maintains and builds on its reputation as a highly credible and effective regulator.” Applications close on March 4 and interviews end on March 18, so there is a chance we could have a new PRA head by April/May.

Vacancy Description

The Deputy Governor for Prudential Regulation is the Chief Executive of the PRA, and sits on the board of the Prudential Regulation Authority (PRA) alongside the Governor (who chairs the PRA), the Deputy Governor for Financial Stability, the Chief Executive of the Financial Conduct Authority (FCA) and other members appointed by the Bank with the approval of HM Treasury.

Under the Bank of England and Financial Services Bill, the new Prudential Regulation Committee (PRC) will additionally include the Bank’s Deputy Governor for Markets and Banking and will make the Chancellor responsible for the appointment of most other members. The Deputy Governor for Prudential Regulation will continue to be the Chief Executive of the PRA and will have several of his/her roles, including preparing the prudential regulation strategy and the day to day management of the PRA, written into statute.

The new Deputy Governor will take up post in a time of considerable challenge and uncertainty for the global and domestic economy. The new Deputy Governor will help lead the Bank of England through a time of change, as the Bank’s internal structure undergoes significant transformation. In particular, the new Deputy Governor will have a key role in ensuring that throughout the coming period the Prudential Regulation Authority (PRA) maintains and builds on its reputation as a highly credible and effective regulator.

Working with the Governor, the Deputy Governors for Monetary Policy, Financial Stability and Markets and Banking and the wider executive team, the new Deputy Governor for Prudential Regulation will play a central role in:

• guiding the regulatory decisions of the PRC and ensuring that continues to be regarded as a credible and effective regulator
• commanding credibility in the markets and communicating regulatory decisions to the market;
• setting the Bank’s overall strategy to deliver financial stability in the UK;
• the formulation of macro-prudential policy by the Financial Policy Committee (FPC); and
• supporting the Bank through the further reforms, including the transfer of responsibilities for the prudential regulation of banks, other deposit-takers and certain investment firms (via the Prudential Regulation Authority) from the PRA to the PRC.

The new Deputy Governor will also need to:

• represent the Bank of England both domestically and internationally; and
• establish and maintain a regular dialogue with high-level contacts in the private sector and work closely with other regulators, including the FCA and international organisations to improve the international regulatory framework.

Person Specification

The successful candidate must demonstrate that he or she can successfully lead, influence and manage the PRA, inspiring confidence and credibility both within the PRA, throughout financial markets and in the wider public arena.

Prior Experience

The successful candidate will have substantial experience in one or more of the following:

• working in, or involvement with, the financial sector (for example a central bank, a financial regulator, or similar institutions);
• working at the most senior levels of a major bank or other financial institution (for example an insurance company).

Role requirements

• Financial market and economic knowledge. The successful candidate will have extensive knowledge and experience of financial markets and the risk cultures therein, and be credible on both micro- and macro-economic issues domestically and internationally.

• Leadership and management skills. The ability to be an effective leader within the senior management team, to encourage teamwork and to develop talent; given the breadth of the PRA’s responsibilities, the ability to delegate will be particularly important. The successful candidate will have had experience at the most senior levels of a large organisation and will demonstrate personal effectiveness, determination and resilience.

• Communication, influencing and interpersonal skills. The ability to build good relationships with colleagues within the PRA, Bank of England and with other partners, such as the Chancellor of the Exchequer and HM Treasury, market participants, and international counterparts. To be able to communicate with authority and credibility to Parliament, the media, the markets and the wider public.

• Policy skills. The ability to design frameworks and develop policies that will be appropriate for multiple scenarios, and the ability to implement those new policies in a fast-moving environment. This will require significant understanding of the workings of government and regulators – gained through membership of relevant public sector boards, industry bodies or working groups if not through direct experience in policy leadership roles. Awareness of the public context in which the Bank is operating will be crucial.

• Undisputed integrity and standing. The ability to maintain discretion and engender trust in staff, peers and stakeholders. A willingness to abide by necessary conflict of interest constraints.

Additional Information

Applications must arrive at HM Treasury no later than 5pm on 4 March 2016. Addition information regarding the role can be found in the candidate pack.

How to Apply

The preferred method of submission is by email to This email address is being protected from spambots. You need JavaScript enabled to view it. and This email address is being protected from spambots. You need JavaScript enabled to view it..

If you are unable to submit your application by email or need any further assistance, including information in other formats, please contact:

Derek Dunne
HM Treasury
1 Horse Guards Road
London
SW1A 2HQ
Tel: 020 7270 4358
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.