Lead Policy Analyst – Third Country Branches

Lead Policy Analyst – Third Country Branches

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.

IPD currently consists of four teams:

• Economic Impact, Research and Cross Cutting Issues –develops 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 – develops international micro/macro prudential and resolution frameworks 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. We are also responsible for prudential policy for branches of insurers that are headquartered outside the UK.

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 has brought new objectives and accountability for the Bank.

The IPD Lead Policy Analyst role is a multifaceted role spanning policy development, research and relationship management. You will help to craft our approach to insurance regulation, develop and present policy papers for consideration by senior committees and publications explaining our policy to industry. You will also brief seniors on specialist topics.

The role will focus primarily on Third Country Branches policy work in the Capital Resources and Insurance Groups team. Following Brexit, the number of incoming Third Country insurance branches under the PRA’s supervision has increased significantly. As part of the Solvency II review, a number of policy changes have already been proposed in this area. You will help in implementing the new policies, developing new proposals as needed, reviewing policy as well as keeping in close touch with a number of stakeholders.

You may also be required to participate in project work within the wider team, depending on experience, with scope for further cross-team working to develop new areas of interest. Should the opportunity arise during the recruitment process, we may also consider you for similar roles in another team in IPD.

Role Requirements
Minimum Criteria

• Background in an analytical field, such as accountancy, economics, risk or similar.
• Some knowledge of the financial sector gained through role(s) held in financial services, regulation or public policy.

• A demonstrable interest in Policy work and/or trends in insurance regulation.
• Comfortable working with numbers, annual reports and/or legislative texts.
• Self-motivated, taking ownership for outcomes.
• Able to balance, prioritise and manage competing demands and deadlines.
• Able to build and sustain strong relationships and handle multiple stakeholders effectively.

• Experience in Third Country Branches regulation and/or supervision, gained in a UK or international context.
• Experience in insurance regulation.

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. 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 £48,000 - £60,840 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