Independent Member, Financial Markets Infrastructure Committee (FMIC)

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JOB DESCRIPTION

Introduction

The Bank of England's Court of Directors is seeking to appoint a new independent member to the Financial Market Infrastructure Committee (FMIC).

The Bank of England sits at the heart of the UK's economy and financial system. Its mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.

The FMIC was established as a statutory committee of the Bank under the Bank of England Act 1998 (as amended by the Financial Services and Markets Act 2023). The FMIC governs the work of the Bank of England on financial market infrastructure encompassing supervision and policy for payment systems (including stablecoin), central counterparties and central securities depositories. Its decisions play a crucial role in ensuring the resilience of the systems and markets on which both retail and wholesale users depend. This is a particularly interesting time given the extent of technological change and innovation taking place across the FMI landscape and a unique opportunity to play a part in a once-in-a-generation modernisation of money and markets. For more information on the FMIC's work, see our most recent annual report available here (see here).

The coming period will see the FMIC - along with the Bank's other policy committees - continue to deal with a wide range of issues. This will include assessing financial and operational risks to the resilience of FMIs and ensuring the Bank's approach to supervision remains appropriate to the evolving market context. The Committee will continue to embed the new responsibilities of the Bank in relation to rulemaking and the secondary innovation objective through which the Bank seeks to facilitate innovation in the provision of FMI services.

The knowledge and analytical rigour that the independent members bring to bear on the Committee's work, along with the challenge they provide, ensures that the FMIC's decision making is robust and effective.

Appointment description

Key responsibilities of FMIC Members

• Providing independent challenge, perspective and insights across the breadth of the FMIC's policymaking and supervisory remit.

• Contributing an understanding of the broader context to FMIC discussions.

• Providing oversight of the FMIC's strategy and delivery.

Organisation description

The FMIC is accountable to Parliament and reports to it annually. The FMIC has several non-delegable responsibilities which include the Bank's FMI related policy-making functions.

FMIC is chaired by the Governor or Deputy Governor for Financial Stability. Its other members consist of 4 Bank members (including the Bank's Executive Director for FMI), and at least 3 (currently 4) independent members. The Committee meets regularly to take decisions on rules and on firm-specific issues. In addition, it sets the strategy and approach to supervision.

Minimum criteria

• Strong and proven financial sector knowledge and experience at a senior level - candidates must have the experience necessary to make independent decisions. They must demonstrate that they have used their financial sector expertise operating at a senior level in or in relation to financial services organisations, ideally financial market infrastructure firms.

Essential criteria

• Decision-making skills - the FMIC makes decisions that directly affect firms and people. All members should have strong leadership skills, a strategic mindset, and be ready to take tough decisions and stand by them.

• Analytical ability - candidates will need to be able to absorb large volumes of complex information and reach reasoned and robust conclusions.

• Independence of thought and interpersonal skills - Candidates must be able to exert influence within the FMIC providing robust challenge whilst working closely and constructively with FMIC members.

• Excellent communication skills - the Bank has to communicate with firms, trade associations, civil society, ministers and relevant Parliamentary Committees. External members of the Committee can be called before the Treasury Committee in the Commons and the Financial Services Regulation Committee in the Lords (along with other members) to explain the FMIC's policies.

• Undisputed integrity and standing - candidates should have no reservations about meeting the requirements of the Bank's Code of Conduct and the Conflicts Code for the FMIC. An assessment of potential conflicts of interest will be undertaken as part of the selection process.

Desirable criteria

• An understanding of how regulation can enable responsible innovation and/or influence regulatory approaches in other jurisdictions.

• An understanding of how financial infrastructure firms effectively implement and maintain technology infrastructure, and the opportunities and risks that technological developments may pose for the industry and regulators.

• An understanding of how policy is developed and implemented, including the theory of regulation.

Appointment terms

Members will normally be appointed for a fixed term of 3years. Members may typically serve no more than 2consecutive terms. Members will ultimately be accountable to Court.

Conflicts of interest

Members will be subject to FMIC'sconflicts-of-interest policy. Applicants must declare any actual or potential conflicts before appointment and any conflicts that arise during their term. Candidates should therefore consider carefully whether their existing appointments, responsibilities or interests could affect, or reasonably be perceived to affect, their ability to serve on the committee.

Time commitment and remuneration

The anticipated commitment is 30days. The pay rate for the role is £35,000 per annum and reasonable expenses will be paid in accordance with Bank policies.

Diversity and equality of opportunity

The Bank of England values and promotes diversity and is committed to equality of opportunity.

We believe that drawing on different perspectives, backgrounds and experiences supports effective decision-making and better outcomes for the public. Appointments will be made on merit following a fair and open process.

How to apply

Interested candidates should submit their application by completing the application form including the application questions and uploading their CV.

Closing date is 16 November 2026 at 23:59

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.

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.

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.

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