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Policy Technical Specialist - Insurance Policy Division (Prudential Policy)

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.

Prudential Policy Directorate are responsible for designing, negotiating internationally and implementing effective prudential regulation in order to remove or reduce systemic risks, promote the safety and soundness of PRA-regulated firms and ensure appropriate protection for insurance policyholders. PPD supports both the Prudential Regulation Committee and Financial Policy Committee in fulfilling their objectives.

Department Overview

Our area of PPD – the Insurance Policy Division – works to maintain a strong and coherent prudential regime for UK insurers. We do this by crafting the international and domestic regulatory regimes, and supporting their implementation.

Job description

Insurance regulation in the UK is changing. Solvency II is being reformed to tailor it to the UK market. The Future Regulatory Framework will bring new objectives and accountability for the Bank and will change how we make policy. We need an insurance Policy Technical Specialist to join us, using their technical leadership to help us set effective policy at home, and to shape it internationally. You will have real reach and influence; what we do affects the entire UK insurance industry and all of its policyholders.

As a Policy Technical Specialist, you will spend your time:

• leading technical policy work across policy, supervision and other areas of the Bank, working with other policy specialists, supervisors, actuaries and economists;
• presenting work to senior committees including PRC, and preparing material for external publication (eg discussion and consultation papers);
• developing others in building their technical capabilities;
• advising Bank seniors, and providing technical input to HM Treasury and other external parties;
• supporting and influencing the PRA approach to insurance supervision;
• handling relationships with technical experts in firms and industry bodies; and
• forging links with other areas of the PRA and Bank.

We have one role available. IPD currently consists of four teams:

• Economic Impact, Research and Cross Cutting Issues – a recently created team responsible for developing the Bank’s framework on the macroprudential effects of insurers on the system, and on the impact of regulation on insurance. Also leads on the co-ordination of special projects.
• International Insurance and Pillar 2 Policy – covers international engagement on insurance in forums such as the International Association of Insurance Supervisors (IAIS) and Financial Stability Board (FSB), trade issues, risk management and governance frameworks.
• Capital Requirements Policy – leads policy work on internal models, standard formula, matching and volatility adjustment, transitional measures, risk margin, and risk-free rates.
• Capital resources and Insurance Groups – responsible for policy on own funds, policy relating to insurance groups, branches and conglomerates, and the operation of colleges.

The role would sit within the recently created Economic Impact, Research and Cross Cutting Issues team, though we may consider you for another team in IPD should the opportunity arise during the recruitment process. You may also be required to participate in project work within other teams, depending on experience, with scope for further cross-team working to develop new areas of interest.

Role Requirements

Minimum Criteria

• Demonstrable quantitative skills, acquired as an economist, financial analyst, risk manager or other analytical role.
• Strong knowledge of the insurance sector gained through roles held in financial services, regulation or public policy.
• Experience in Solvency II or the IAIS Insurance Capital Standard or similar.
• Experience of leading analytical projects, with strong creative and problem-solving skills, and the ability to effectively delegate to, empower and motivate others.

Essential Criteria

• An inclusive approach to technical leadership, bringing out the best in and developing the talents of people from a variety of different backgrounds, and listening to and assimilating diverse views.
• Excellent communication skills, both oral and written – able to identify priorities, credibly present and defend views, and respond openly and constructively to challenges.
• Relationship management skills – able to work effectively with and influence different areas across the Bank, as well as external parties, adapting style as needed.
• Be flexible and have the ability to work well with competing priorities.

Our Approach to Inclusion

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.

At the Bank of England we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.

For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

Finally, we're proud to be a member of the Disability Confident scheme. You can find more information on what this means 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.

Salary and Benefits Information

This specific role offers a base salary of circa £62,700 - £79,470 per annum (depending on skills and experience) on a full-time basis. We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.

In addition, we also offer a comprehensive benefits package as detailed below:

• 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. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
• 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.

National Security Vetting Process

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank’s Privacy Notice at Privacy and the Bank of England | Bank of England.

The Application Process

Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.

The closing date for applications is 08 September 2023.

The assessment will comprise of two stages.

Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.