Banknote Operatives, Banknote Operations - Notes Directorate

Banknote Operatives, Banknote Operations - Notes Directorate (Debden based, 18 month fixed term contracts)

£25,020 - £27,000

Loughton, United Kingdom

About Banknote Operations

The Banknote Operations team consists of six key functions which support the Notes Directorate’s key objectives of having the right notes at the right place and right time, facilitating the threat assessment in support of the Bank’s anti-counterfeiting strategy:

• New Note Receipt & Distribution.
• Returned Note Sampling & Destruction.
• Mutilated and Exchange Note claims.
• Counterfeit Analysis.
• Quality Assurance.
• Machine Testing Framework.

There are currently approximately 30 staff working within the operation, handling and processing millions of banknotes each year. 

About the role

The roles of Banknote Function Operative are currently being offered as a fixed term contract for 18 months. There is the possible opportunity to apply for permanent position at the end of the fixed-term period.  

The objective of the Banknote Function Operative role is to examine and process genuine banknotes and counterfeits, ensuring that the prescribed operational controls are applied. There is a specific focus on accuracy and safe, secure and efficient handling of the notes. Team members are encouraged to gain skills to enable them to multi-task across a number of the teams. Roles tend to initially involve working across the Vault Operations, Banknote Inspection and Counterfeit Analysis teams. As this is an operational, on-site role, working from home and flexible hours can only be supported on rare and exceptional circumstances but we would consider part time working patterns.

Role Requirements (as required and according to knowledge/experience either existing or attained) 

• Vault housekeeping, including stocktakes, integrity checks and the physical movement of banknote cages using electric pallet trucks (training provided).
• Undertaking high value note delivery and collections onsite.
• Undertaking used note destruction and support recycling and waste management duties.
• Undertaking used note processing using specialist equipment (training provided).
• Handling, examining, and processing note exchange claims, some of which require examination in our onsite laboratory.
• Carrying out inspection and analysis of counterfeit Bank of England notes.
• Accurate and timely data entry into our SAP based IT system.
• Liaising with both internal and external stakeholders, including retailers, banks and law enforcement agencies as required. 
• Dealing directly with queries from members of the public in connection with their counterfeit and note exchange submissions.

Core Knowledge, Experience, Skills and Competencies

Minimum Criteria

• Excellent attention to detail and ability to make consistent decisions around an agreed set of criteria relating to the quality and authenticity of a banknote, including badly damaged/mutilated notes.
• Ability to work as part of a team through displaying flexibility and openness to change.
• IT literate (particularly Excel) and willingness to learn new systems.

Essential Criteria

• Ability to build knowledge of counterfeit notes and analyse by type, detecting changes in their construction. 
• Acting in accordance with the requirements of a secure area, including following vault access procedures.
• Communicate professionally with internal and external contacts, including members of the public, by both email and phone.
• Adherence to H&S policies to ensure that all relevant guidelines are being followed, including checking machinery being used.
• Ability to clearly convey information in a timely fashion.
• Ability to manage own time in order to meet key performance indicators for the team.
• Confidence to respond to day-to-day problems by following defined procedures and tasks, calling out issues if required.
• Actively look for improvements to make processes more efficient and minimise risk.
• Understand data/information sensitivities and act accordingly.

Desirable Criteria

• Operate a forklift/mover under licence (full training is provided).
• Ability to operate specialist equipment (training provided) and use scientific equipment to collect images of genuine and counterfeit notes for technical reports.  

Our Approach to Diversity

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

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.

This role offers a salary of £25,020 - £27,000. In addition, we also offer a comprehensive benefits package as detailed below:

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• A 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.  
• 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits. 
• Private medical insurance and income protection.

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 Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis.

 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.

This role closes on 30th March 2025.

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.

About Us

We are the UK's central bank - and we are a bank like no other; known by our peers for our world-leading thinking on policy and strategy.

Our mission is to promote the good of the people of the UK by maintaining monetary and financial stability. We seek to keep prices stable and people's money safe. We know our work matters to people, to families, up and down the UK. We are driven by curiosity and the desire to do important, challenging work. 

It takes a great team to run the Bank of England. We rely on each other to play our part. We benefit from a collaborative culture and long-established flexible ways of working, supporting our colleagues balance their work and personal lives. We strive to be a place where people feel they belong and have equal access to opportunities, because different perspectives helps us make the best decisions for the public.

There's much to gain from working with us - from career defining work at the heart of the UK economy, being part of a fantastic team, and a rewarding compensation package. 

Join us and find a bank like no other. Together, we can make a difference.

The Bank of England will use and protect the information you provide when you apply for a role with us, in line with our obligations under data protection law. This is so we can assess your suitability for the role and administer your application. If you’re successful we’ll use it to offer you a position and onboard you to join the Bank.

If you would like more details about how your information will be used and your information rights, please visit our recruitment privacy notice