Policy Adviser - Securities and Markets

If you’re interested in making a difference to people’s lives, the Treasury can offer you an exciting opportunity to influence decision making that affects the whole of the UK.

About the Team

In the Securities and Markets team (SAM), we develop policy on matters relating to the regulation and good functioning of the UK’s financial markets. The range of our work is wide, from formulating the laws and regulations which govern the behaviour of investment bankers and traders, to crafting favourable conditions for innovative companies to raise capital and succeed in the UK.

One of our most immediate objectives is to implement reforms to our financial services regulations now the UK has left the EU, and we can tailor these more closely to the needs of the UK’s own markets. This involves us doing policy work to identify and prepare improvements to the rules that the UK has inherited from the EU, as well as working with teams across Treasury, Government and the regulators to implement the changes we identify.

In particular, the team works closely with colleagues in the Bank of England, the Financial Conduct Authority, and UK embassies around the world, including the UK Mission to the European Union. We also routinely engage with the financial services industry, from major investment banks to trade bodies representing the interests of small-cap issuers. The team is regularly required to work at pace to provide advice to Ministers on high-profile, current issues, such as on capital market reforms to encourage companies to list in the UK.

We are very friendly and inclusive team who place great value in making the team a welcoming place for new starters. Personal development is also a key focus of SAM. This allows you to further improve your skills in areas such as, conducting policy research and analysis, working closely with senior civil servants and ministers, as well as developing the team’s relationship with external partners. SAM is a team where you will be encouraged to develop and thrive.

We are advertising for an Higher Executive Officer to be based in either the Financial Market Infrastructure branch, or the Wholesale Markets branch.

The Financial Market Infrastructure (FMI) branch are a friendly and encouraging branch of 6 people - FMIs are often described as the ‘plumbing’ of the financial system (or ‘the most important thing you’ve never heard of’) – without them, most transactions that take place across financial markets couldn’t happen.

The Wholesale Markets branch is a friendly and encouraging team of 10 people. The main focus of the branch is continuing the work to develop new regulation for UK’s wholesale capital markets post-Brexit, supporting UK competitiveness by ensuring that regulation is suitably adapted for the UK markets.

About the Job

The key accountabilities will vary slightly but are likely to include:

• Developing government policy on financial markets. This involves conducting your own research into the policy area and then working collaboratively with colleagues to develop and implement government policy.
• Monitoring international developments that might affect UK industry, such as new policy or legislative developments in the EU, and leading on Treasury’s response.
• Working collaboratively with Treasury lawyers on developing and implementing new legislation in the UK, including helping support the legislation’s passage through Parliament.
• Writing policy advice for Treasury Ministers and senior civil servants on strategic decisions, risks or issues.
• Working with external partners such as the financial services regulators, exchanges and industry associations to develop and implement government policy.
• Providing and coordinating contributions to broader financial services projects in the Treasury, such as writing speeches for senior civil servants.

Specific responsibilities in this role may include:

• Designing a UK regime for clearing houses post-Brexit.
• Clearing houses, or “CCPs”, sit in the middle of market transactions, ensuring that issues at individual firms do not translate into a wider market collapse.
• CCPs played a vital role during the 2008 Financial crisis and have been firmly in the spotlight ever since.
• With a global move over the last decade to mandate the use of CCPs in order to improve market transparency and stability.
• London is a market leader in this space, with two of our three CCPs considered globally systemic.
• The international reach of UK CCPs also means that the way in which the UK regulates these firms is of significant importance to other jurisdictions.
• Delivering on key measures of the Chancellor’s Mansion House reforms package.
• Such as, the delivery of the PISCES, a new type of trading venue that operates on an intermittent basis and improves companies access to capital before they publicly list, and the recommendations of the Rachel Kent Investment Research Review.
• The candidate would advise Ministers on these issues as well as other more reactive, urgent matters for example any secondary market trading impact arising from the war in Ukraine.

The work in the team therefore combines a really exciting focus on the technical detail of financial regulation, with global ‘high politics’ around the principles of competitiveness and financial stability.

About You

This role is stretching, intellectually demanding, and will give the successful candidates a high level of responsibility, visibility, and development opportunities. As a Policy Adviser you will get the chance to create policy that affects thousands of banks and real economy firms worldwide.

HM Treasury is proud of a diverse and inclusive work environment, committed to fairness and the promotion of equality of opportunity for all. We know that having a range of experiences, ways of working and thinking makes us a stronger organisation, better at developing policy that is reflective of the communities we serve. We embrace different views and experiences and value the fresh perspective that people from a variety of circumstances bring to the work we do. We encourage applications from candidates who have not previously worked for the Civil Service, mid- and late-career changers with transferrable skills, people from all backgrounds and circumstances regardless of disability, ethnicity, LGBT+ identity and socio-economic status.

Some of the Benefits our people love!

• 25 days annual leave (rising to 30 after 5 years), plus 8 public holidays and the King’s birthday (unless you have a legacy arrangement as an existing Civil Servant).
• Additionally, we operate flexitime systems, allowing employees to take up to an additional 2 days off each month
• Flexible working patterns (part-time, job-share, condensed hours)
• Generous parental and adoption leave packages
• Access to a generous
• Defined Benefit pension scheme with employer contributions of 27%
• Access to a cycle-to-work salary sacrifice scheme and season ticket advances
• A range of active staff networks, based around interests (e.g. analysts, music society, sports and social club) and diversity (e.g. women in the Treasury, ethnic minority network, LGBT* network, faith and belief network)

For more information about the role and how to apply, please follow the apply link.

If you need any reasonable adjustments to take part in the selection process, please tell us about this in your online application form.