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

Banking Capital Policy Division designs policy ensuring that banks’ have sufficient loss absorbing capital given the risks on their balance sheets. Policy topics include: the capital quality; capital requirements for securitisation, credit and operational risk, and market and counterparty risk. The division plays an active role in policy development, implementation, evaluation, and horizon scanning, in close collaboration with staff across the Bank, and internationally via Basel groups. It contributes actively to cross-Bank work, including that related to responses to Covid-19, EU exit and FinTech. Analysis and research is undertaken across the Division to ensure that the Bank stays at the forefront of the intellectual debate on prudential policy.

Job description

As a Technical Specialist on Capital Quality and Securitisation Policy, you will contribute to (1) maintaining quality of regulatory capital within the UK banking sector and (2) ensuring banks’ securitisation exposures are adequately capitalised by advising the team on prudential risks from complex capital and securitisation structures.

The securitisation policy framework has been overhauled to promote financial stability. HM Treasury has recently reviewed the framework which is likely to lead to policy reforms. Also, having left the EU, there is a broad programme of ensuring that the regulatory framework is working as intended. You will lead on some of these policy initiatives. You will observe market developments, engage with market participants and other regulators as needed, and develop appropriate policy response.

This is a great opportunity to influence policy development and lead on implementation and evaluation on topics with interest from the UK financial services sector and the top of the Bank.

You will work closely with colleagues from supervision, our risk specialists directorate, the legal directorate, the Financial Conduct Authority (FCA) and HM Treasury. Colleagues come from diverse backgrounds and work inclusively to achieve common goals. The working environment is intellectually stimulating with an emphasis on continuous learning and knowledge sharing.

Role Requirements

Minimum Criteria

• Technical skills – good understanding of securitisation, capital instruments or similar structured products ideally acquired through structuring, issuing or investing in such products

Essential Criteria

• Strong analytical skills – including, understanding of banking balance sheet and ability to use data and assess complex structures
• High standard of written and oral communication skills
• Good stakeholder management skills and the ability to build constructive relationships with people of different seniority and backgrounds

Desirable Criteria

• Understanding of UK (or similar) regulatory framework in relation to securitisation or capital instruments
• Familiarity with the PRA’s approach to supervision

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 workplace adjustments for all of our employees as needed, and also for candidates throughout all stages of the selection process. 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.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.

Reward Package

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.  

The salary range for this vacancy is approximately Â£61,100 to £84,900, dependent on relevant skills and experience. In addition, the total reward package also includes: 

• 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.