Private Secretary - Prudential Policy Directorate

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

Ever wondered what it's really like to work in private office? We think it's stimulating, exiting, and probably a much more flexible and encouraging environment than you may have imagined.

We are advertising a Scale E private secretary role in the office of the Executive Director for Prudential Policy Directorate (PPD). This office supports the PPD ED in running the directorate. PPD develops the regulatory rules that apply to banks and insurers. PPD’s scope for making rules has expanded since the UK exited the EU and is about to expand further with the introduction of a new financial regulatory framework.

At this time, reshaping UK financial services following the UK’s withdrawal from the EU whilst promoting the safety and soundness of PRA regulated institutions creates an outstanding and exciting backdrop to this role.

Job description

This office, alongside those of other Governors/COO and EDs, is vital for effective decision-making. Together as a team, the private secretaries: commission, filter, and synthesise the information the Governors/COO and EDs receive; prepare and advise the Governors/COO and EDs for their meetings; ensure work is in train to follow up on any actions; and provide colleagues with the vital background information for it to be effective.

The role played by the Governors’ and Executive Directors’ offices means staff have exposure to a wider range of people and issues at a higher level than anywhere else in the Bank. In this role, you will engage with HM government, other central banks and regulators, industry bodies, and financial sector boards and C-suite executives.

Working with the rest of the organisation, you will also advise ED PPD on policy decisions and support clear communication by preparing them for speaking events and meetings.

The successful candidate will work closely with the ED, Directors and PPD Senior Management Team to ensure effective delivery of the Directorate’s strategic mission as the PRA takes on our new policymaking responsibilities. PPD’s vision is that the PRA will be recognised domestically and internationally as an operationally independent, strong, accountable, accessible and responsive rule maker.

This is a people management role. You will be responsible for day to day management of the team and for defining roles and responsibilities. You will develop your team through sharing information effectively, coaching and communicating a clear vision to ensure that your staff are productive, engaged and motivated to deliver the area's aims. This will include setting clear goals and smart stretching objectives that are aligned to those of the team, division and directorate. You will also be responsible for managing all staff-related matters that may arise including performance, absence and sickness.

Number of direct reports: 3

Role Requirements

Minimum Criteria

• Knowledge and experience of regulatory or prudential policy.

Essential Criteria

• Ability to take an inclusive approach to management, bringing out the best in and developing the talents of each individual given a variety of different backgrounds.
• Track record of leading and supporting Diversity and Inclusion initiatives and encouraging others to do the same.
• A track record of delivering through others
• Organisational and teamwork abilities to be part of an effective team that handles competing priorities and works in a dynamic, fluid and high pressure environment.
• Self-starting, strategic problem solver, able to work without close oversight.
• Ability to assess and assimilate briefing/advice from a wide range of sources and across a broad range of subjects in a quick and accurate fashion.
• Excellent diplomatic and interpersonal skills.
• Enthusiastic, resilient and highly motivated.
• Excellent oral and written communication skills. The jobholder will need to be able to distil complex issues and communicate them quickly and effectively

Desirable Criteria

• A track record of managing and developing staff.

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 02 June 2023.

The assessment process will comprise of two interviews covering competency questions on soft skills, and technical questions related to the team’s work. While you may not be an expert in the area, we will be looking for you to apply your knowledge of the area, obtained via study or work, to some of the key policy issues currently facing the team.

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.