About the job

Job summary

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

Financial Services 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

Securities and Markets team

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 creating 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 HMT and Government and with 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 (UKMis). 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, allowing you to further improve your skills in areas such as conducting policy research and analysis, working closely with senior civil servants and ministers and managing the team’s relationship with external stakeholders. SAM is a team where you will be encouraged to develop and thrive.

We are advertising for an HEO to be based in either the Financial Market Infrastructure (FMI) branch, or the Wholesale Markets branch.

The Financial Market Infrastructure (FMI) branch are a friendly and encouraging branch of 6 people (1 E2 (Grade 6), 2 Es (Grade 7) and 3 Ds (HEO/SEO)). 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 (1 E2 (Grade 6), 2 E (Grade 7) and 6 D (HEO/SEO)). 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.

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. As a policy adviser you will get the chance to create policy that affects thousands of banks and real economy firms worldwide.

About the job

This role is stretching, intellectually demanding, and will give the successful candidates a high level of responsibility, visibility, and development opportunities. The key accountabilities will vary slightly but are likely to include:

1. 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.
2. Monitoring international developments that might affect UK industry, such as new policy or legislative developments in the EU, and leading on HMT’s response.
3. Working collaboratively with Treasury lawyers on developing and implementing new legislation in the UK, including helping support the legislation’s passage through Parliament.
4. Writing policy advice for Treasury Ministers and senior civil servants on strategic decisions, risks or issues.
5. Working with external stakeholders such as the financial services regulators, exchanges and industry associations to develop and implement government policy.
6. Providing and coordinating contributions to broader financial services projects in the Treasury, such as writing speeches for senior civil servants.

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: Alex Edwards, alexander.edwards@hmtreasury.gov.uk, Alison Robinson, Alison.Robinson@hmtreasury.gov.uk or Holly Snaith, holly.snaith@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. Making effective decisions - Ability to analyse a range of information and evaluate evidence to make decisions.
2. Delivering at pace - Ability to lead short- and long-term projects in parallel, working through others where needed to ensure that targets are met.
3. Communicating and influencing – Ability to communicate in a clear, honest and engaging manner, taking into account the needs of the person you are communicating with.

The lead criterion is: Making effective decisions - Ability to analyse a range of information and evaluate evidence to make decisions.

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

Candidate Guidance Support Session  
  
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 link below to join the call at the right time.  

Monday 26th February 2024 17:30-18:15 Click here to join the meeting

Thursday 7th March 2024 12:00-12:45 Click here to join the meeting

Benefits

Alongside your salary of £31,710, HM Treasury contributes £8,561 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 and Experience.

Recruitment Timeline 

• Closing date: 10th March 2024
• Shortlisting: W/C 11th March 2024
• Interviews: W/C 18th March 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.

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.