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Banking and Insurance Senior Supervisor

Directorate Overview

At the Bank of England, we protect everyday life in the UK. We ensure that financial services are safe, inflation is stable and systems are secure. The Bank of England prudentially regulates and supervises financial services firms through the Prudential Regulation Authority (PRA). We create policies for firms to follow as well as watch over aspects of the business – we call this supervision. Our Banking and Insurance directorates sit within the PRA and supervise over 1500 firms, so they’re crucial to achieving the Banks mission. And now, we’re looking for motivated people to join us and take on incredibly impactful and rewarding work.

Job Description

When you join, you’ll take on varied and high-profile work. Banks, as well as other financial services such as insurers and building societies, are all businesses. Their success is measured in the same way as other businesses, including the profit they make. Banks and insurers hold your money for you so that you can make payments and control your financial life. There is a responsibility that comes with that. That’s where the PRA comes in. As part of the Bank of England it is our role to ensure that firms act safely and reduce the chance of getting into financial difficulty. It’s an exciting role to take on, as you’ll have many different responsibilities. You’ll focus on anything from the newer firms who have a more innovative approach, through to some of the larger banks and insurers, including organisations like Aviva, Barclays, Virgin Money and JP Morgan. (And that’s naming just a few.)

Role Requirements

Day-to-day, you’ll use your analytical skills to deliver assessments and understand any risks the firms you supervise might pose. If banks stopped working, the entire economy would grind to a halt. Similarly, if an insurer was unable to pay out on policies, this could affect a number of people and businesses. Our aim is to ensure that the entire financial system continues to work in a safe and sound way. If things do end up going wrong, we try to ensure this happens in an orderly way. To do this, you’ll interact with firms and build an understanding of how they work. And when things don’t look quite right, you’ll investigate issues and dig deeper.

As a senior supervisor you may be expected to lead a relationship with a firm or a number of firms, or part of the wider team. You may be expected to lead meetings with senior individuals of the firm(s) you supervise. As part of the role you’ll share your findings with internal team(s) and work closely with senior leaders across the UK and internationally. Everything you do will help to ensure our strategy for supervising firms is being implemented. No day will be the same as another but at a high level, you will most likely find yourself doing a mixture of things such as reviewing your firm’s regulatory data submissions and Management Information (MI), deciding if any follow-up with the firm is required, preparing briefing materials for meetings with your firms and PRA seniors. The mixture of high-profile work and complex issues means you’ll have plenty of opportunities to develop both your technical and interpersonal skills.

We’ll match you to a role that builds on your strengths. You will need to have a level of financial services experience and understanding but as importantly, you’ll need to be curious, ready to learn and keen to share ideas. We also provide a comprehensive training offering into supervisory and technical areas. You’ll enjoy analysing problems and be open to discussing and debating issues. All of this will lead you to investigate different issues and make good judgements. And with plenty of self-motivation and initiative, you’ll be able to set your own targets and work to deadlines. Importantly, you’ll have the ability to manage different stakeholders and influence both people and decisions.

Minimum Criteria

• Pro-active, strong analytical skills, ability to communicate with credibility in front of internal and external stakeholders
• Effective relationship management, including an ability to influence senior colleagues
• Able to work independently as part of a team, coach more junior colleagues and to challenge constructively by bringing a diverse set of views and perspectives.
• Existing financial services experience
• Ability to draw reasonable conclusions from a range of financial information and recommend appropriate remedial action
• Commercial awareness and an understanding of the impact of external factors and industry trends.
• Excellent organisational skills to proactively prioritise and manage workload.
• Excellent interpersonal skills to be able to build and maintain relationships with colleagues and external stakeholders.
• Ability to produce clear, concise and structured written communication tailored for different audiences

We welcome applications from individuals who have experience, or transferable skills, from a previous role, where you can demonstrate the ability to use analytical skills to apply judgement or influence a stakeholder.

Desirable Criteria

One or more of the following would be particularly welcome:

• Existing financial services experience at a PRA regulated Firm or public sector organisation
• Familiarity with prudential regulation and an understanding of the PRA’s supervisory model and approach
• Relevant professional qualifications (e.g. CFA, FRM, ACCA etc.)
• Existing academic or work experience in a regulation or policy making
• Data analytics skills (e.g. Tableau, R, Excel etc.)

You should not be put off applying if you do not meet/ have all of these criteria – we would encourage you to get in touch to discuss what support you might need to close any gaps and/or any other skills you might have which you think could be helpful in role.

Our commitment to diversity and inclusion

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.

This role is open to job shares, flexible and part time working patterns.

We are also committed to making adjustments for candidates and employees where possible, and we have partnered with external expert organisations to support us in this. We are a member of the Disability Confident scheme, summarised here. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

Additional Internal Information

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.

We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working. This role is therefore open to job shares, flexible and part time working patterns.

If you would like to find out more about this position, please contact any of the following: Guy Bates, Alexa Davies or Meral Ustunsurmeli.

It is best practice to inform your current line manager before applying for a new opportunity.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission. Please take your time to complete the application form questions carefully and in detail as requested. The application questions form an important part of the initial selection process and any incomplete submissions will not be reviewed.

The closing date for applications is 15 February 2023. Following initial screening questions the assessment will comprise a two stage process. We expect to hold the first assessment round in February.

Reward

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.

We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working. This role is therefore open to flexible working patterns

We are also committed to making adjustments for candidates and employees where possible, and have partnered with external expert organisations to support us in this. We are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.

This specific role offers a base salary starting at £48,000 to £60,840 per annum, along with our comprehensive benefits package as follows:

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.

• A discretionary performance award based on a current award pool.

• A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.

• 25 days annual leave with option to buy up to 13 additional days through flexible benefits.

• Private medical insurance and income protection.

Additional Information

We anonymise applications so that our hiring managers will not be able to see your personal information when reviewing your application, including your CV. Please take your time to complete the application form questions carefully and in detail as requested. The application questions form an important part of the initial selection process and any incomplete submissions will not be reviewed.

The closing date for applications is Friday 15 February 2023. Following initial screening questions the assessment will comprise two stages: a case study written exercise and an interview. We expect to hold the first assessment round towards the end of February 2023.