AddressSalary:£81,679 up to £95,000 per annum, dependent upon experience
Contract Type: Permanent, Full-time or Part-time available
Security Level: BPSS
We are the UK's aviation and aerospace regulator and recognised as a world leader in its field. Our activities are diverse, enabling the aviation industry to meet the highest safety standards, and we pride ourselves on our ability to adapt to the constantly evolving aviation environment.
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The team
The economic regulation and competition policy (ERCP) team is a vital part of the Civil Aviation Authority’s (CAA) Consumers and Markets Group. The focus of the team is to protect consumers by ensuring that airports and air traffic service providers do not exploit their market position. Understanding the impact of policy options and our actions is essential in ensuring we protect the interests of consumers while allowing a fair investment opportunity for investors.
The team has responsibility for the economic regulation of Heathrow Airport Limited (HAL), Gatwick Airport Limited and the monopoly air traffic services provider for the UK, NATS (En Route) Plc (NERL). This includes the development, oversight and enforcement of price control arrangements and other licence obligations. The team is also responsible for discharging the CAA’s concurrent competition responsibilities relating to the provision of airport operation and air navigation services.
The Role
We are looking for a Head of Regulatory Finance to lead our work on Regulatory Finance issues including the cost of capital, the regulatory asset base (RAB), inflation forecasts, depreciation, tax, pensions and regulatory accounting issues. Reporting to a Programme Director, the Head of Regulatory Finance will lead and coordinate technical and policy work across the team on the issues above for the future price control reviews. They will also support on the development of policy on other price control, financial and regulatory issues as appropriate. These issues will have a highly material impact on the price control proposals we will make and are central to our statutory duties to protect consumers. The decisions also have the potential to be highly contentious and are likely to be subject to appeals and/or legal challenge.
This role is a permanent position and offers the opportunity for professional development, through working within a highly experienced team and directly influencing and engaging with senior leaders. We understand that work life balance is key and would be happy to consider those seeking part time work and/or a job share as well as those seeking a full-time role. We operate (and are committed to) a hybrid working model, with the flexibility to work remotely for part of the week. The team currently requires attendance in the office around one and half days per week on average and we will keep this under review based on team needs.
Core Accountabilities
- Developing and delivering a cohesive work plan across the Regulatory Finance policy areas, both within the context of a price control review and on an ongoing basis (for example to cover implementation activities in relation to the review).
- Designing, overseeing, and assuring the quality of thorough economic analysis, including providing leading edge economic thinking, to underpin and inform all substantial policy decisions related to cost of capital and the RAB.
- Actively engaging and leading key stakeholder relationships at senior level meetings on cost of capital and the RAB, and challenging stakeholder submissions.
- Commissioning cost of capital studies, overseeing the work of our technical advisors and consultants, and providing a critical review of analysis provided.
- Ensuring key deliverables are provided on time, to high quality and are informed by compelling analysis. This includes preparing documents for publication and submission to the CAA Board that provide a clear exposition of technical issues, are prepared to a standard consistent with publication, and that will win the hearts and minds of non-technical audiences.
- Providing advice to the Programme Directors, Chief Economist, the CAA Executive Committee and the CAA Board as required.
- Developing, managing and empowering of team members, through opportunities to develop skills and training, as a senior leader in the team.
- Championing CAA values and D&I policy.
While not core accountabilities, you will also be expected to lean in and support the delivery of other parts of the regulatory and price control framework as required, and to represent the CAA at external groups, such as the UK Regulator Network in discussion on the cost of capital.
About You
Essential criteria for the role
- Experience working at a senior level on economic regulation in a regulatory environment, for example within a regulator, regulated company, consultancy, or government department (or other relevant experience).
- Excellent analytical skills and expertise in Regulatory Finance issues, relevant financial information and the economics of financial markets.
- Strong programme management and organisational skills, including the ability to develop effective work programmes to design and oversee complex analysis on difficult technical and high-profile issues.
- Skilled communicator with the ability to explain complex information to a wide range of audiences including non-economists, and to express themselves clearly in written material for senior management and for publication.
- Experience of working in multi-disciplinary teams, handling conflicting priorities and delivering work through team members.
Desirable criteria
- Wider expertise in developing and implementing other areas of economic regulation policy relevant to airports and air navigation services.
- Knowledge of aviation and transport.
In the event of receiving a large volume of applications, we will use the first three essential criteria above to sift CVs from applicants. We will consider all the essential and desirable criteria during the first interview stage.
What Can We Offer You?
In the role, you will have the opportunity to be involved in high-profile programmes of work to set future price controls for HAL and NERL. You will also have opportunities for training and skills development, as well as making contributions to the team and CAA to improve ways of working.
The salary for the position will depend on the level of experience of the candidate.
The CAA is committed to offering flexible working arrangements. Many members of ERCP already work a variety of non-standard working patterns and that flexibility would be available for this role too. The CAA also has an accommodating policy relating to international working such that, with certain conditions, colleagues are able to work from other countries for specific periods.
The CAA sets its own policies in respect of hybrid working that works for the organisation and the team. The team currently requires attendance in the office around one and half days per week on average and we will keep this under review based on team needs.
We offer a range of excellent benefits such as flexible working arrangements, training and study leave, free onsite gym at Gatwick, discounted gym membership for London, 28 days annual leave, additional 5 days leave purchase scheme, a generous pension scheme and much more!
Additional Information
For many appointments within the CAA, these roles require access to operationally sensitive infrastructure and/or Nationally Protected information. For these roles the post holders must undergo National Security Vetting and achieve the appropriate level of clearance.
To be vetted you must have the right to work in the UK so that meaningful checks can be undertaken.
If you do not meet these requirements, we may not be able to accept your application.
For more information on BPSS clearance please visit - BPSS clearance
The CAA values high ethical standards and personal integrity among employees.
Working With Us
We are on a journey towards being increasingly adaptable, where our colleagues collaborate as part of cross-functional teams. This approach ensures we never stop learning together. It also means that you may become involved in activities that take you out of your day-to-day role, providing you with opportunities to develop and grow your career with us.
We have embraced hybrid working and offer flexible working patterns, being open to having a conversation about what works for you. We know where and when we work is important in achieving a work-life balance.
We are passionate about diversity and ensuring all are included at the CAA. We are an equal opportunity employer and actively encourage applications from candidates of all backgrounds. We use fair and inclusive selection approaches to hire the best person for the job based on merit alone.
Please submit a CV and cover letter as part of your application.
Closing Date: 27th March 2024
Interview Date: From w/c 8th April 2024
We reserve the right to close this vacancy early if we receive sufficient applications for the role. Therefore, if you are interested, please submit your application as early as possible.
No recruitment agencies please.
