Non-Executive Director, Financial Markets Infrastructure Committee (FMIC)new

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.  

 

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.

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.