About the job

Summary

If you’re interested in making a difference to people’s lives across the country, the Treasury is the department for you! We sit at the centre of everything that the Government does and have provided advice on economic policy and decisions that affect the public finances throughout the country’s history. A Treasury career continues to offer an exciting opportunity to be part of the decision making that affects the whole of the UK.

Working at the heart of government, we collaborate with other departments to ensure public money is spent well and to drive strong and sustainable economic growth. Our work ranges from protecting customers through to the regulation of the financial sector, helping to reduce carbon emissions and creating a greener economy, supporting people across the country through the COVID 19 furlough scheme and Plan for Jobs as well as helping first time buyers buy their first home.

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 welcome 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, gender, age ethnicity, LGBT+ identity and socio-economic status.

The Darlington Economic Campus is a pioneering new cross-government hub which will bring people together across departments and public organisations to play an active role in the most important issues of the day.

HM Treasury in Darlington will be joined by the Department for International Trade, the Department for Business, Energy and Industrial Strategy, the Office for National Statistics, the Department for Levelling Up, Housing and Communities, the Competition and Markets Authority and the Department for Education.

Job description

Financial Stability Group

The Financial Stability Group advises government on ensuring the stability of the UK financial system and through that the stability of the UK economy. We monitor new and existing risks to the financial stability of the UK and the global financial system, taking action to mitigate risks and combat these when needed.

We intervene directly to manage any public support for the financial services sector – including stewardship of (and exit from) the government’s interests in NatWest Bank.

We’re also responsible for ensuring that the financial authorities have the appropriate legal powers and resources to deal with future failures in the financial sector, as well as planning for future stability events.

The Group works with the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority, the intelligence agencies and international partners, to develop and maintain systems to monitor assess and deal with financial stability risks.

About the Team

Financial Stability Strategy and Analysis (FSSA)

Financial Stability Strategy and Analysis is a friendly team in the Treasury’s Financial Stability Group. It is staffed with around thirty economists and generalist policy advisers, and has a broad and diverse remit, covering both domestic and international financial stability issues.

The team monitors and assesses system-wide financial stability risks. This includes the health of the banking sector, non-bank financial intermediaries, and funding markets. It reports on key risks to the Treasury’s Executive Management Board and co-leads the Treasury’s Economic Risks Group.

The team also leads on a broad set of policy priorities. These include managing the UK’s macroprudential policy framework, including setting the remit for the Bank of England’s Financial Policy Committee; leading on the ring-fencing regime for UK banks; advising on financial stability issues relating to our new trading relationships with foreign jurisdictions; and considering new structural challenges facing the financial system, for example arising from new technologies, climate change or shifting commercial dynamics.

The team engages with a wide range of stakeholders to inform its work. This includes leading HMT’s regular engagement with the investment banking sector; working closely with the Bank of England and Financial Conduct Authority; and engaging internationally through the Financial Stability Board and the FCDO.

Key Accountabilities

As head of the non-bank branch within FSSA’s analytical team, your job will be to lead HMT’s analysis of the entire non-bank financial sector, which includes funds, private equity, insurers and brokers among other financial institutions. Through analysis the branch maintains and seeks to further develop HMT’s expertise on the nexus of non-bank financial sector, financial stability issues and policy work.

In addition to in-depth analysis on topical issues, the branch undertakes regular monitoring of the sector and contributes to the production of standing products. The branch communicates this monitoring across the department, including briefing Ministers and other teams within HMT.

The branch also has significant policy responsibilities and will have to implement an internationally agreed set of regulatory reforms for money market funds. Delivering this legislative agenda will require significant management of stakeholders, including supporting and advising Ministers.

The branch works closely with our partners at the Bank of England and the FCA, as well as the Financial Services Group, to deliver on its objectives.

Specifically, key accountabilities for this role include:

1. Manage a team of two Range Ds – promoting their professional development, supporting their work-life balance, setting strategic direction and providing guidance and feedback on their analysis.

2. Set, manage and promote HMT’s non-bank analytical agenda – identifying areas for analysis, securing buy-in and working with teams in HMT, at the regulators and internationally to further HMT priorities.

3. Communicate complex financial topics simply – engaging with other teams, advertising the team’s analysis, and briefing Ministers.

4. Manage the implementation of money market fund reform – working with partners at the Bank and FCA to select and legislate the Financial Stability Board’s policy options for money market funds.

5. Build stakeholder networks – working across non-bank experts in the UK and abroad to leverage knowledge on a wide variety of non-banks including funds, CCPs, broker-dealers, payments firms, etc.

Responsibilities

Required Skills, Experience and Behaviours:

The below criteria will be assessed in your application form.

The lead criterion is: Ability to explain complex financial market concepts and evidence succinctly and persuasively [communicating and influencing].

If we receive large volumes of applications, we will conduct an initial sift on the first criterion only, which will usually be a behaviour. This may be an experience or technical skill, but only where critical to the position.

We will assess the below further criteria in your application form:

1. Ability to scope out and direct original analysis, pulling conclusions from varied and/or incomplete data [making effective decisions].

2. Ability to manage a team, balancing workloads and providing strategic direction across a breadth of different topics [leadership].

3. Understanding of the UK and global macro-financial environment [technical skill].

Required Qualifications:

1. Degree in economics or other numerate topic (eg. statistics, physics, maths), or comparable professional experience

Candidate Guidance on Completing your Application Form

Where will we assess success profiles across your application form.

• Behaviours – these will be assessed individually with a 250-word statement per behaviour. The application form will indicate which behaviour is being assessed each time you provide a statement, and we are ideally looking for an example using the below STAR method to demonstrate this behaviour

• Experience – this will be assessed individually with a 250-word statement per experience criteria. You will give the answer in the personal statement section under “statement of suitability” using the below STAR method, and be given direct guidance at this stage on the experience we are looking for you to demonstrate

All elements of the success profiles will be linked to a defined criterion that demonstrates the behaviour, experience or technical skills. It is beneficial to ensure your answer focuses on the full criteria, and not just the related success profile, to give you the best chance or providing the evidence the panel wants to assess.

In your statements, it is best to focus on one example in each section to allow you to provide enough detail in your answer and use all the words you have been allocated. Examples from a range of roles across your application will demonstrate that you have the skills, experience and behaviours we are looking for. We would also advise you to use examples that best meet the criteria, even if it is a few years old

How to Structure your Answer

Please use the STAR (Situation, Task, Action, Result) approach when writing your application answers.

• Situation – Describe the situation you found yourself in and what happened.

• Task – The Hiring Manager will want to understand what you tried to achieve from the situation that you found yourself in.

• Action – What actions did you take and how did you do it. Make sure to use “I”, not “we” to explain how your actions lead to a result.

• Result – Use facts and statistics to demonstrate the results that your actions produced. Explain whether it was a successful outcome, and if not, what you learned from the experience.