Location: London/England
Employment type: Full-Time
The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.
The Bank of England is a diverse organisation. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.
Prudential Policy Directorate are responsible for designing, negotiating internationally and implementing effective prudential regulation in order to remove or reduce systemic risks, promote the safety and soundness of PRA-regulated firms and ensure appropriate protection for insurance policyholders. PPD supports both the Prudential Regulation Committee and Financial Policy Committee in fulfilling their objectives.
Department Overview
Our area of PPD – the Insurance Policy Division – works to maintain a strong and coherent prudential regime for UK insurers. We do this by crafting the international and domestic regulatory regimes, and supporting their implementation.
Job Description
Insurance regulation in the UK is changing. Solvency II is being reformed to tailor it to the UK market. The Future Regulatory Framework will bring new objectives and accountability for the Bank and will change how we make policy. We need an experienced actuary to join us, using their technical leadership to help us set effective policy at home, and to shape it internationally. You will have real reach and influence; what we do affects the entire UK insurance industry and all of its policyholders.
As a Senior Technical Specialist (Actuarial), you will spend your time:
We have one role available. IPD currently consists of four teams:
In addition, a new team is being created:
You would work within one or more of these teams, depending on experience, with scope for further cross-team working to develop new areas of interest.
Role Requirements
Minimum Criteria
Essential Criteria
You should not be put off from applying if you do not meet or do not have all of these criteria. We have extensive support and training for team members, particularly new joiners, to support development.
Our Approach to Inclusion
The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.
At the Bank of England, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.
We welcome applications from individuals who work flexibly, including job shares and part-time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.
For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.
Finally, we're proud to be a member of the Disability Confident scheme. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.
Salary and Benefits Information
This specific role offers a base salary of circa £96,710 - £122,580 per annum (depending on skills and experience) on a full-time basis. We encourage flexible working, part-time working and job share arrangements. Part-time salary and benefits will be on a pro-rated basis as appropriate.
In addition, we also offer a comprehensive benefits package as detailed below:
National Security Vetting Process
Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post-offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank’s Privacy Notice.
The Application Process
Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.
The closing date for applications is 22 June 2023.
The assessment process will comprise of two interview stages.
Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based.