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.  

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 stronger and better at developing policy that reflects the needs of every community. We embrace different views and experiences and value the new 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.  

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 Stability Group advises government on ensuring the stability of the UK financial system and economy. We track 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 build and maintain systems to monitor assess and deal with financial stability risks.

About the Team

Financial Stability Strategy and Analysis (FSSA) is a friendly and inclusive team in the Treasury’s Financial Stability Group. It is staffed with around twenty-five economists and 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 climate change. 

The team engages with a wide range of partners to inform its work. This includes leading HMT’s regular engagement with the investment banking sector; working closely with the Bank of England (BoE) and Financial Conduct Authority (FCA); and engaging internationally through the Financial Stability Board (FSB) and the Foreign, Commonwealth and Development Office (FCDO).

About the Job

Are you intellectually curious and collaborative with good interpersonal skills and an interest in financial stability? If so this may be the job for you! This is an exciting time to join a friendly team of motivated colleagues, the non-bank financial sector has grown in size of scope over the past decade and poses a range of distinct challenges to financial stability, evidence by a number of high profile recent events. 

The Non-Bank Finance Analysis Branch sits within FSSA’s Non-Banks & Cross-Cutting Risk Unit which is made up of 7 FTE. The Head of Non-Bank Finance Analysis leads HMT’s assessment of the overall health and resilience of the non-bank financial sector, encompassing asset managers and investment funds, insurers and pension funds, and other market-based financial intermediaries. The role involves working closely with the Bank of England, FCA and industry, and includes the direct line management of two range D analysts. 

Given the nature of the work, the role portfolio and responsibilities may evolve to reflect any changes in the team’s priorities and areas of focus. Key accountabilities include: 

1. Line manage two range D analysts, promoting their professional development, supporting their work-life balance, delegating effectively and providing mentorship on their work.
2. Play a key role in developing the government’s overall strategy in addressing risks in the non-bank sector. Work with policy colleagues and the regulators to increase resilience in light of recent periods of stress, including the ‘dash for cash’ in March 2020 and the problems faced by LDI funds and stresses in the Gilt market in Autumn 2022.
3. Undertake regular monitoring of key market-based financial indicators and provide enhanced market monitoring in periods of stress.
4. Develop a relevant analytical agenda on the vulnerabilities and risks from market-based finance, taking account of the macro-financial environment and HMT's objectives and priorities.
5. Develop the department’s relationship with relevant counterparts at the Bank of England and FCA, and work with international regulators and officials as part of HMT’s participation in the Financial Stability Board.
6. Coordinate the communication and presentation of the branch’s work within the department and advise seniors and Ministers on key issues.
7. Position the branch as the centre of expertise within HMT on non-bank financial stability and play a key role as part of the wider team’s analytical function.

Candidate Drop-In Session – Microsoft Teams
 
We 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 the recruitment process. If you would like to join us, then use the link below to join the call at the right time.  

Friday 2nd February at 12:00: Click here to join the meeting

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 stephen.clarke@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. Ability to scope out and direct original analysis, pulling conclusions from complex and/or incomplete data (Making Effective decisions)
2. Ability to explain complex financial market concepts and evidence succinctly and persuasively (Communicating and Influencing).
3. Ability to lead and manage a team, balancing workloads and providing strategic direction across a breadth of different topics (Leadership). 

The lead criterion is : Ability to scope out and direct original analysis, pulling conclusions from complex and/or incomplete data (Making Effective decisions) 

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; top tips for the application and interview process and an opportunity to ask general questions around our recruitment practices. If you would like to join us, then use the appropriate link below to join the call at the right time.  

Friday 26th January at 12:00: Click here to join the meeting

Tuesday 6th February at 17:00: Click here to join the meeting

Benefits

Alongside your salary of £52,960, HM Treasury contributes £14,299 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, Experience and Technical skills.

Recruitment Timeline 

Closing date: 11th February

Shortlisting: w/c 12th February

Interviews:  w/c 26th February

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.  

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.

Individuals appointed to the Treasury Group will be subject to National Security Vetting. To allow for meaningful checks to be carried out applicants will normally need to have lived in the UK for at least 3 out of the past 5 years. A lack of UK residency in itself is not always a bar to security clearance but the Department will need to consider eligibility on a case by case basis using all information that can be obtained following a successful application.

Everyone working with government assets must complete Baseline Personnel Security Standard (BPSS) checks. 

For many roles, security clearance is also required. Successful candidates must meet the security requirements of the role before they can be appointed. The level of security clearance required for this role is Counter Terrorist Check (CTC) 

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.