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

The Banking Assets and Resolution Strategy team is a friendly and inclusive team of 15 people, with a varied and interesting range of work within the Financial Stability Group. The team has a full and active forward agenda, with significant exposure to Ministers and senior officials.

The team comprises two units – the State-Owned Banking Assets unit and the Resolution Policy Unit.

The State-Owned Banking Assets unit is responsible for policy relating to financial sector assets taken on as a result of the 2007-2009 financial crisis, including the Treasury’s shareholding in NatWest Group (NWG) and ongoing interest in UK Asset Resolution (UKAR, a government owned company handling the government’s exposures to the legacy liabilities of Northern Rock and Bradford & Bingley). The unit works closely with UK Government Investments (UKGI) as it develops and advises Ministers on policy to exit these multi-billion pound interventions in the financial sector.

The Resolution Policy Unit is responsible for developing the UK’s resolution regime, which handles the failure of financial sector firms. The unit ensures the UK authorities have the legal powers and tools they need to manage the failure of financial sector firms, in a way that protects the wider economy and public funds. The unit works closely with the Bank of England, Prudential Regulatory Authority, Financial Conduct Authority, industry, and Parliament to deliver the vital legal powers and tool; and also with international counterparts to craft international standards for resolution regimes.

About the Job

As policy adviser for UK Asset Resolution (UKAR) within the State-Owned Banking Assets unit, you will have the opportunity to lead on all aspects of policy work relating to UKAR, a government owned company established to wind down the closed mortgage books of Bradford & Bingley plc and Northern Rock, two banks which were taken into public ownership during the financial crisis. Following disposal of its mortgage and loan assets, UKAR transitioned to a residual company led by a Board but with delivery of its operational activity outsourced to an external provider.

The key policy objective is to resolve a number of complex legacy liabilities relating to the interventions in Northern Rock and Bradford & Bingley, to allow UKAR to be wound down in a way that delivers value for money for taxpayers. The most immediate and significant task is to develop and deliver plans for the transfer of the assets and liabilities of pension schemes for former Northern Rock and Bradford & Bingley employees to central government. Resolving its liabilities and managing the wind down of UKAR would be a significant step towards final resolution of the interventions made by the government over 2007-2009 to protect economic and financial stability.

In this role you will work closely with a range of partners, including UKAR, UK Government Investments (UKGI), who manage Treasury’s shareholding in UKAR, and other external advisers and interested parties from inside and outside government as you develop advice and options for Treasury ministers on these issues.

Key accountabilities:

• Lead the development of a clear strategy and plan for the timely resolution of the legacyliabilities associated with the Northern Rock and Bradford & Bingley interventions that still reside with UKAR. A key part of this work will include managing the policy development, governance and stakeholder management of a large project which will deliver the transfer of UKAR's pension schemes to central government. This will include leading discussions with the pension scheme Trustees and their legal advisors, as well as working collaboratively and productively with cross-departmental stakeholders to provide both policy and operational solutions to novel problems.
• Lead on the preparation and passage of secondary legislation, working closely with external legal advisers, and directly supporting ministers in taking regulations through Parliament including by drafting impact assessments, explanatory memoranda for Parliament and advising ministers.
• Be responsible for the ongoing governance and operations of UKAR, working closely with UKGI. This will include supporting colleagues to oversee the firm delivering UKAR’s operational activities, working with a range of internal HMT teams (including HMT Finance) on the policy and financial implications of UKAR’s operations, and working closely with UKGI and the outsourced firm on resolving issues as they arise.
• Lead the development of long-term planning and delivery of HMT’s ultimate objective of exiting the UKAR interventions in a way that achieves value for money for taxpayers while ensuring HMT meets its legal obligations related to legacy liabilities.
• Lead the management and operation of a Steering Board consisting of senior representatives from across HMT, Treasury Legal Advisers and UKGI to oversee the delivery and implementation of this policy objective.
• Provide clear advice and briefings to ministers, and handle ministerial and other correspondence on issues related to UKAR.
• Play an active corporate role in the team, group and HMT, ensuring that we create a diverse, open, and inclusive working environment that is welcoming for all.
• Previous experience in corporate finance and/or the pensions industry would be welcome, as well as previous experience in delivering legislation, but not essential.
• In addition, you may be required to support the wider work of the team and group, in particular supporting policy work handling the NatWest shareholding should it be required.

Candidate Drop-In Session – Microsoft Teams
 
We will be running a drop-in session for this role with the hiring manager, 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 following link at the specified time: 

Friday 19th April at 15:00 – 16:00: 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 Nathaniel Graham at nathaniel.graham@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: Identifying and structuring an effective solution to a problem; including how you weigh up the options and come to a decision.
2. Delivering at Pace: Ability to handle a full workload and prioritise to ensure high quality work is delivered in a timely manner.
3. Working Together: Ability to build relationships and work effectively with partners, including senior staff across government and external stakeholders. 

The lead criterion is: Making Effective Decisions. 

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

Benefits

Alongside your salary of £39,500, HM Treasury contributes £10,665 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: 28 April 2024

Shortlisting: w/c 29th April 2024

Interviews:  w/c 6 May

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 Security Check (SC) 

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 security 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.