Policy Technical Specialist in Capital Requirements

Department OverviewOur 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 descriptionInsurance regulation in the UK is changing. Solvency II is being reformed to tailor it to the UK market. At the same time, the Insurance Capital Standard (ICS) is being developed to create a common language for supervisory discussions of group solvency and to enhance global convergence among group capital standards. Under the Smarter Regulatory Framework, the PRA will have greater scope for rule-making, alongside accountabilities for the Bank including a requirement to facilitate, subject to aligning with relevant international standards, the international competitiveness and growth of the UK economy. We need a policy technical specialist or senior 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.

You will spend your time:

• leading technical policy or actuarial work across policy and supervision, working with policy specialists, actuaries and economists;


• presenting work to senior committees including Prudential Regulation Committee (PRC), and preparing material for external publication (eg discussion and consultation papers);


• developing others in building their technical capabilities;


• advising Bank seniors, and providing technical input to HM Treasury and other external parties;


• supporting and influencing the PRA's approach to insurance supervision;


• handling relationships with technical experts in firms and industry bodies; and


• forging links with other areas of the PRA and Bank.


IPD currently consists of four teams:

• Domestic Capital Requirements Policy - leads policy work on internal models, standard formula, matching and volatility adjustment, transitional measures, risk margin, and risk-free rates.


• International Insurance and Pillar 2 Policy - covers international engagement on insurance in forums such as the International Association of Insurance Supervisors (IAIS) and Financial Stability Board (FSB), trade issues, risk management and governance frameworks.


• Capital resources and Insurance Groups - responsible for policy on own funds, policy relating to insurance groups, branches and conglomerates, and the operation of colleges.


• Economic Impact, Research and Cross Cutting Issues - a recently created team responsible for developing the Bank's framework on the macroprudential effects of insurers on the system, and on the impact of regulation on insurance. Also leads on the co-ordination of special projects.


The role would sit in either the Domestic Capital Requirements Policy team or the International Insurance and Pillar 2 Policy team, depending on your experience and preference. You may also be required to participate in project work within other teams, with scope for further cross-team working to develop new areas of interest.


• Either a Qualified Actuary (IFoA Fellowship level) or other relevant qualification.


• Experience of at least one area relating to investments, risk management or solvency capital requirements, gained through roles held in financial services, regulation or public policy.


• Experience in Solvency II or the IAIS Insurance Capital Standard.


• Experience of leading analytical projects, with strong creative and problem-solving skills, and the ability to effectively delegate to, empower and motivate others., An inclusive approach to technical leadership, bringing out the best in and developing the talents of people from a variety of different backgrounds, and listening to and assimilating diverse views.


• Excellent communication skills, both oral and written - able to identify priorities, credibly present and defend views, and respond openly and constructively to challenges.


• Relationship management skills - able to work effectively with and influence different areas across the Bank, as well as external parties, adapting style as needed.


• Track record of supporting diversity and inclusion initiatives and encouraging others to do the same.


Our Approach to Inclusion

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.The Prudential Policy Directorate (PPD) is 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., 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.

This specific role offers a base salary of circa £70,900 - £99,900 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:

• 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.


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