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.��
We are part of the, 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 Services Group advises the government on how to promote a stable and efficient financial services sector, to deliver excellent outcomes for consumers and business, enhance the UK�s position as a global hub for financial services and support economic growth across the country.�
The financial services sector is important to the UK economy � providing significant numbers of jobs and making a large contribution to the UK�s economic output. It also provides essential services to individuals � for example, helping them to purchase goods with ease, buy their first home, and plan for their retirement. During the COVID pandemic, it played a critical role in supporting individuals and businesses � for example, in providing payment holidays for individuals and businesses affected by the pandemic and working with the government to deliver Bounce Back Loans.�
We ensure that financial services businesses such as banks, investment firms, financial advisors and insurers are well-regulated. Ensuring firms treat customers fairly, customers have access to a range of financial services as a result of competition in the market, and there are appropriate remedies in place when things go wrong.�
We work on a significant international agenda which includes promoting openness and trading links between the UK and countries all around the world, including through Free Trade Agreements and other international dialogues and negotiations.� To do this we work closely with colleagues in offices overseas from the Foreign Commonwealth & Development Office and the Department for International Trade.
Working with stakeholders is key in Financial Services � for example, we work closely with the independent regulators to help them fulfil their roles, consult consumer groups on issues affecting them, and work with the sector on wider issues like the net-zero agenda.
About the Team
The Securities and Markets (SAM) Team develops the Treasury�s policy on matters relating to international financial markets. The scope of the team�s work is wide, ranging from formulating the laws and regulations which govern the behaviour of traders, to defining the regulatory framework for UK infrastructure firms, including setting conditions for FinTech start-up firms to flourish.
One of the team�s most immediate objectives is to formulate the Treasury�s position on the future of the UK�s wholesale financial services regulations now that the UK has left the European Union. This involves scoping out potential improvements to the rules that the UK has inherited from the EU and identifying the opportunities and impacts of different options.
The team is responsible for domestic legislation on wholesale markets and market infrastructure, and has an ongoing legislative agenda. As part of that we monitor policy and legislation in other jurisdictions, in particular the European Union, as well as others.
The team works closely with colleagues in the UK Mission to the European Union (UKMis), the Bank of England and the FCA, and routinely engages with the financial services industry, international partner governments, and EU institutions. The team is also responsible for contributing to major international negotiations at G20 level.
Key Accountabilities for this role include:
1. Leading the team responsible for the design of regulatory requirements on Central Counterparties (CCPs), Central Securities Depositories (CSDs), and Trade Repositiories (including innovative firms), as well as the requirements on all firms trading securities and derivatives. These firms are collectively known as 'Financial Market Infrastructure', or FMI. HMT has now completed the process of bringing EU legislation relating to the trading, clearing and settlement of derivatives and securities on to the UK statute book. This legislation imposes requirements on all types and sizes of entities that enter into any form of derivative contract or trade a bond or share, including those not involved in financial services. It imposes requirements to improve transparency and reduce the risks associated with financial markets. Due to the global nature of financial markets, this framework will need to continually evolve going forward to keep pace with new international guidance and ensure that the UK sector remains competitive. You will lead on the strategy and shape policy development, relying on engagement and cooperation with industry, regulators and international fora.
2. Supporting the development of FMI technology, in particular by implementing the Digital Securities Sandbox. The DSS is an innovative new initiative that allows firms to trial new technologies in delivering FMI services, where they are currently impeded by legislation designed for traditional FMIs. It was legislated for at the end of 2023. with the Bank and FCA now implementing the DSS. HM Treasury continue to be involved in the design of the Sandbox, working closely with the regulators, and you will form legislation to support the operation of the Sandbox throughout its lifespan.
3. Take forward work on modernising our existing regulations and infrastructure for securities. Two high-profile independent taskforces are run out of the Branch: the Accelerated Settlement Taskforce and Digitisation Taskforce. Their recommendations will help shape the future for how shares are held, and how securities more widely are settled. Both taskforces are attracting international attention, and working with stakeholders with very different external interests is key.
4. Lead on international trade policy for securities settlement and derivatives. The UK is globally dominant in clearing and derivatives trading, and this will continue to form a key component in trade discussions. You will be responsible for working closely with trade teams to ensure that this fact can be used effectively in trade negotiations. You will also be responsible for managing the process with the Bank and FCA to ensure that UK firms accessing CCPs or derivatives markets outside the UK are protected and any financial stability risks are considered.
5. Handling HMT�s relationships within the department, the regulators (FCA/BoE), and internationally, on FMI policy. Due to the very wide set of partners at stake, excellent interpersonal and institutional judgement will be vital to navigate and balance the input of lawyers, regulators and HMT staff, and ensure a sense of common purpose. Creative, problem-solving skills, and the confidence to identify and call out difficult issues or project risk are integral.
6. Providing leadership and management to the branch and creating a cohesive and collaborative workplace in which staff is productive and feel supported and empowered to deliver on their objectives. This will include direct line management of 2 Range Es and oversight of a team of 3 Range Ds.�
Candidate Drop-In Session � Microsoft Teams��
The hiring manager will be running a candidate drop-in session for this role to give you greater insight about the role as well as the chance to learn more about HM Treasury and ask any questions you may have. If you would like to join us, then use the link below to join the call at the right time.�
Tuesday 4th June at 14:00:
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. �
7. Technical Skill: a good understanding of clearing and/or settlement policy is required.
8. Making Effective Decisions: Proven strategic policy skills, and excellent judgment with ability to influence decision making, in an area where the landscape is constantly evolving.
9. Leadership: Evidence of leadership and management skills is essential, with an ability to set the direction of travel, be decisive, think tactically and develop proactive solutions to problems.
10. Delivering at Pace: delivering timely and quality results with focus and drive�
The lead criterion is: Technical Skill: a good understanding of clearing and/or settlement policy�
If we receive large volumes of applications, we will conduct an initial sift on the lead criterion only.�
Candidate Guidance Support Session�� Microsoft Teams�
We will be running an overview of Success Profiles and the STAR approach including top tips for the application and interview process and an opportunity to ask general questions around our recruitment practices. Please note that this session is not role specific, so we will be unable to answer specific questions about roles we are advertising. If you would like to join us, please use the link below to join the call at the right time. ��
Wednesday 5th June at 12:30:
Behaviours
We'll assess you against these behaviours during the selection process:
11. Making Effective Decisions
12. Leadership
13. Delivering at Pace
14. Communicating and Influencing
15. Seeing the Big Picture
We only ask for evidence of these behaviours on your application form:
16. Making Effective Decisions
17. Leadership
18. Delivering at Pace
Technical skills
We'll assess you against these technical skills during the selection process:
19. A good understanding of clearing and/or settlement policy
Benefits
Alongside your salary of �64,160, HM Treasury contributes �17,964 towards you being a member of the Civil Service Defined Benefit Pension scheme.
20. 25 days� annual leave (rising to 30 after 5 years), plus 8 public holidays and the King's birthday (unless you have a legacy arrangement as an existing Civil Servant)��
21. Flexible working patterns (part-time, job-share, condensed hours)��
22. Generous parental and adoption leave package.�
23. A which provides an attractive pension, benefits for dependants and average employer contributions of 28%��
24. Onsite restaurant and coffee bar. The London office also offers a gym, showers and prayer room��
25. Access to a cycle-to-work salary sacrifice scheme, season ticket advances and payroll giving��
26. Access to a retail discounts and cashback site��
27. A Rental Deposit Advance Scheme to help meet the total costs of deposits for privately rented homes��
28. A range of active staff networks, based around interests and diversity
Flexible Working Arrangements
HM Treasury views flexible working as essential in enabling us to recruit and retain talented people, ensuring that they can enjoy a long-lasting career with us. All employees have the right to apply for flexible working and there are a range of options available including; part-time, compressed hours and job sharing. Additionally, we operate flexitime systems, allowing employees the flexibility to adjust their working patterns throughout the week which is subject to operational needs and line management approval.��
At HM Treasury we have an incredibly broad remit; our work touches every citizen of the country. So, it�s important our employees come from the widest possible range of backgrounds, bringing us the widest possible range of perspectives and ways of thinking. We are committed to ensuring that all staff can realise their potential and achieve a healthy work-life balance.�
HM Treasury operates an office based working approach across all Treasury sites - Darlington, London, and Norwich, and along with the rest of the Civil Service, has an expectation of a minimum of 60% attendance in the office, along with working remotely. This blended working approach allows you to work collaboratively, meet stakeholders face to face, support others and promotes a healthy work life balance (please be aware that this role can only be worked in the UK and not overseas). Some roles will not be suitable for Hybrid Working.�Similarly, Hybrid Working will not suit everyone�s circumstances. Arrangements will be discussed and agreed with the successful candidate(s) and subject to regular review. All our offices have been recently modernised and designed to collaborate and connect with colleagues as well as desk and quiet space to allow a range of ways to work.
The office working expectation is linked to location of the role, if you apply to a post in a single location then you will not be able to meet this expectation at any of our other sites or be able to move your role to another location.