About the job

Job summary

About HM Treasury

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. Working at the heart of government, we collaborate across government to promote responsible public spending and drive strong and sustainable economic growth.  

Our work ranges from protecting customers through the regulation of the financial sector, helping to reduce carbon emissions and creating a greener economy, to promoting British trade around the world and supporting people across the country on jobs, growth and more.  

We are part of the Darlington Economic Campus, a pioneering new cross-government hub which brings people together to play an active role in the most important issues of the day whilst working closer to the communities we serve. The campus provides the opportunity for people from all over the UK to help shape the future of the country, and our flexible working practices ensure you can collaborate effectively with our partners. It’s central government, made more accessible to you! 

Job description

About the Group

The Financial Services Group advises the government on how to promote a stable and efficient financial services sector, to deliver excellent outcomes for consumers and business, enhance the UK’s position as a global hub for financial services and support economic growth across the country. 

The financial services sector is important to the UK economy – providing significant numbers of jobs and making a large contribution to the UK’s economic output. It also provides essential services to individuals – for example, helping them to purchase goods with ease, buy their first home, and plan for their retirement. During the COVID pandemic, it played a critical role in supporting individuals and businesses – for example, in providing payment holidays for individuals and businesses affected by the pandemic and working with the government to deliver Bounce Back Loans. 

We ensure that financial services businesses such as banks, investment firms, financial advisors and insurers are well-regulated. Ensuring firms treat customers fairly, customers have access to a range of financial services as a result of competition in the market, and there are appropriate remedies in place when things go wrong. 

We work on a significant international agenda which includes promoting openness and trading links between the UK and countries all around the world, including through Free Trade Agreements and other international dialogues and negotiations.  To do this we work closely with colleagues in offices overseas from the Foreign Commonwealth & Development Office and the Department for International Trade.

Working with stakeholders is key in Financial Services – for example, we work closely with the independent regulators to help them fulfil their roles, consult consumer groups on issues affecting them, and work with the sector on wider issues like the net-zero agenda.

About the Team

The Securities and Markets (SAM) Team develops the Treasury’s policy on matters relating to international financial markets. The scope of the team’s work is wide, ranging from formulating the laws and regulations which govern the behaviour of traders, to defining the regulatory framework for UK infrastructure firms, including setting conditions for FinTech start-up firms to flourish.

One of the team’s most immediate objectives is to formulate the Treasury’s position on the future of the UK’s wholesale financial services regulations now that the UK has left the European Union. This involves scoping out potential improvements to the rules that the UK has inherited from the EU and identifying the opportunities and impacts of different options.

The team is responsible for domestic legislation on wholesale markets and market infrastructure, and has an ongoing legislative agenda. As part of that we monitor policy and legislation in other jurisdictions, in particular the European Union, as well as others.

The team works closely with colleagues in the UK Mission to the European Union (UKMis), the Bank of England and the FCA, and routinely engages with the financial services industry, international partner governments, and EU institutions. The team is also responsible for contributing to major international negotiations at G20 level.

Key Accountabilities for this role include:

1. Leading the team responsible for the design of regulatory requirements on Central Counterparties (CCPs), Central Securities Depositories (CSDs), and Trade Repositiories (including innovative firms), as well as the requirements on all firms trading securities and derivatives. These firms are collectively known as 'Financial Market Infrastructure', or FMI. HMT has now completed the process of bringing EU legislation relating to the trading, clearing and settlement of derivatives and securities on to the UK statute book. This legislation imposes requirements on all types and sizes of entities that enter into any form of derivative contract or trade a bond or share, including those not involved in financial services. It imposes requirements to improve transparency and reduce the risks associated with financial markets. Due to the global nature of financial markets, this framework will need to continually evolve going forward to keep pace with new international guidance and ensure that the UK sector remains competitive. You will lead on the strategy and shape policy development, relying on engagement and cooperation with industry, regulators and international fora.
2. Supporting the development of FMI technology, in particular by implementing the Digital Securities Sandbox. The DSS is an innovative new initiative that allows firms to trial new technologies in delivering FMI services, where they are currently impeded by legislation designed for traditional FMIs. It was legislated for at the end of 2023. with the Bank and FCA now implementing the DSS. HM Treasury continue to be involved in the design of the Sandbox, working closely with the regulators, and you will form legislation to support the operation of the Sandbox throughout its lifespan.
3. Take forward work on modernising our existing regulations and infrastructure for securities. Two high-profile independent taskforces are run out of the Branch: the Accelerated Settlement Taskforce and Digitisation Taskforce. Their recommendations will help shape the future for how shares are held, and how securities more widely are settled. Both taskforces are attracting international attention, and working with stakeholders with very different external interests is key.
4. Lead on international trade policy for securities settlement and derivatives. The UK is globally dominant in clearing and derivatives trading, and this will continue to form a key component in trade discussions. You will be responsible for working closely with trade teams to ensure that this fact can be used effectively in trade negotiations. You will also be responsible for managing the process with the Bank and FCA to ensure that UK firms accessing CCPs or derivatives markets outside the UK are protected and any financial stability risks are considered.
5. Handling HMT’s relationships within the department, the regulators (FCA/BoE), and internationally, on FMI policy. Due to the very wide set of partners at stake, excellent interpersonal and institutional judgement will be vital to navigate and balance the input of lawyers, regulators and HMT staff, and ensure a sense of common purpose. Creative, problem-solving skills, and the confidence to identify and call out difficult issues or project risk are integral.
6. Providing leadership and management to the branch and creating a cohesive and collaborative workplace in which staff is productive and feel supported and empowered to deliver on their objectives. This will include direct line management of 2 Range Es and oversight of a team of 3 Range Ds. 

Candidate Drop-In Session – Microsoft Teams 
 
The hiring manager will be running a candidate drop-in session for this role to give you greater insight about the role as well as the chance to learn more about HM Treasury and ask any questions you may have. If you would like to join us, then use the link below to join the call at the right time.  

Tuesday 4th June at 14:00: Join the meeting now

If you would like to speak to the hiring manager informally prior to the closing date for applications to find out more about the job, please contact Tom Duggan (Tom.Duggan@hmtreasury.gov.uk)

Person specification

We are looking for the below skills, experience and behaviours and we will ask you to demonstrate these in your application form. Please review the Candidate FAQ document that is attached to the advert for guidance on how to complete your application form.  

1. Technical Skill: a good understanding of clearing and/or settlement policy is required.
2. Making Effective Decisions: Proven strategic policy skills, and excellent judgment with ability to influence decision making, in an area where the landscape is constantly evolving.
3. Leadership: Evidence of leadership and management skills is essential, with an ability to set the direction of travel, be decisive, think tactically and develop proactive solutions to problems.
4. Delivering at Pace: delivering timely and quality results with focus and drive 

The lead criterion is: Technical Skill: a good understanding of clearing and/or settlement policy 

If we receive large volumes of applications, we will conduct an initial sift on the lead criterion only. 

Candidate Guidance Support Session – Microsoft Teams
 
We will be running an overview of Success Profiles and the STAR approach including top tips for the application and interview process and an opportunity to ask general questions around our recruitment practices. Please note that this session is not role specific, so we will be unable to answer specific questions about roles we are advertising. If you would like to join us, please use the link below to join the call at the right time.   

Wednesday 5th June at 12:30: Join the meeting now

Benefits

Alongside your salary of £64,160, HM Treasury contributes £17,964 towards you being a member of the Civil Service Defined Benefit Pension scheme. Find out what benefits a Civil Service Pension provides.

Things you need to know

Selection process details

This vacancy is using Success Profiles (opens in a new window), and will assess your Behaviours, Strengths, Experience and Technical skills.

Recruitment Timeline:

Closing date: 12th June 2024

Shortlisting: 13th-14th June 2024

Interviews:  w/c 24th June 2024

This timeline is indicative and may be subject to change. We will inform you if there is a substantial change to the recruitment timeline. 

If your contact details change at any time during the selection process, please ensure you update your Civil Service Jobs Profile. 

Please note that only applications submitted through Civil Service Jobs will be accepted.

Location-Based Reserve Lists 

You will be placed on a reserve list if your application is successful, but we cannot offer you a post immediately. Where more than one location has been advertised, candidates will be approached for roles in merit order according to the first preferred location stated on your application form. 

Please note that a place on the reserve list does not guarantee an offer. We would still encourage you to apply for other HM Treasury opportunities that you are interested in. If you are offered a role in your first preferred location and you decline the offer or you are unable to take up the post within a reasonable timeframe, you will be removed from the reserve list, other than in exceptional circumstances. 

Eligibility Statement  

A candidate is not eligible to apply for a role in the Civil Service if the application is made within a 5 year period following a dismissal for carrying out internal fraud against government. Checks will be performed as part of pre-employment checks in line with this. Please refer to the Candidate FAQ document attached to the advert for more information. 

Everyone working with government assets must complete Baseline Personnel Security Standard (BPSS) checks. Additionally, individuals appointed to the Treasury group will be subject to National Security Vetting. The level of security vetting required for this role is Counter Terrorist Check (CTC) 

To allow for meaningful checks to be carried out, applicants will need to have lived in the UK for at least 3 out of the past 5 years. In exceptional circumstances, a lack of residency would not be a bar to security clearance however the Department will need to consider eligibility on a case by case basis once the advert closing date has passed. 

Please read the Vetting Charter for information on what to expect during the vetting process and what will be expected from you.  Many areas of your life may be explored during your vetting journey, and it is important that every individual, regardless of their background and experiences, should feel comfortable going through this personal process, whilst having confidence that it is fair, proportionate, and inclusive.  

These short videos address common concerns and preconceptions which applicants may have about national security vetting.  If you have questions relating to security clearances, please contact HMTSecurityVetting@hmtreasury.gov.uk

Feedback will only be provided if you attend an interview or assessment.

Security

Successful candidates must meet the security requirements before they can be appointed. The level of security needed is counter-terrorist check (opens in a new window).

See our vetting charter (opens in a new window). People working with government assets must complete baseline personnel security standard (opens in new window) checks.

Nationality requirements

This job is broadly open to the following groups:

• UK nationals
• nationals of the Republic of Ireland
• nationals of Commonwealth countries who have the right to work in the UK
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities with settled or pre-settled status under the European Union Settlement Scheme (EUSS) (opens in a new window)
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities who have made a valid application for settled or pre-settled status under the European Union Settlement Scheme (EUSS)
• individuals with limited leave to remain or indefinite leave to remain who were eligible to apply for EUSS on or before 31 December 2020
• Turkish nationals, and certain family members of Turkish nationals, who have accrued the right to work in the Civil Service

Further information on nationality requirements (opens in a new window)

Working for the Civil Service

The Civil Service Code (opens in a new window) sets out the standards of behaviour expected of civil servants.

We recruit by merit on the basis of fair and open competition, as outlined in the Civil Service Commission's recruitment principles (opens in a new window). The Civil Service embraces diversity and promotes equal opportunities. As such, we run a Disability Confident Scheme (DCS) for candidates with disabilities who meet the minimum selection criteria. The Civil Service also offers a Redeployment Interview Scheme to civil servants who are at risk of redundancy, and who meet the minimum requirements for the advertised vacancy.