Senior Associate, Major Transactions, Authorisations

12 Jan 2021
12 Jan 2021
Clearance Level
DV, None / Undisclosed, SC
Job Type
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 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.

On 1 April 2013 the Prudential Regulation Authority (PRA) became responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. The PRA was created by the Financial Services Act (2012) and is part of the Bank of England.
As a Directorate of the PRA, Regulatory Operations supports and compliments the work of the Supervision areas of the Bank and ensures that the PRA can execute its operational responsibilities to ensure the smooth running of the organisation.
Regulatory Operations is split into four main divisions:
  • Authorisations
  • PRA Chief Operating Officer's Unit
  • PRA Governance Function
  • Senior Advisor Supervisory Oversight Function
Department Overview
Authorisations is responsible for delivering an effective and efficient Authorisations framework for the PRA, ensuring compliance with various UK statutory and European Directive requirements, in accordance with the PRA's risk tolerance and decision-making framework. We are recognised, within and outside the Bank, as the centre of excellence for Authorisations knowledge, providing advice, mentorship and leadership on all regulatory transaction issues, always ensuring high quality outputs. We optimally combine deep technical knowledge and practical implementation.
We are at the forefront of developments affecting Authorisations by making judgements and taking decisions in partnership with supervision and others on behalf of the PRA, and ensuring the appropriate management of critical events in a firm's lifecycle.
It is an exciting time to join us, as we are playing pivotal roles in a number of key initiatives planning and implementation of EU withdrawal, replacing our core systems and improving the Authorisations offering.
Job description
We are looking for an enthusiastic and self-motivated individual to join us, with good analytical and positive partner and leadership skills who is eager and passionate about taking on this exciting and interesting role.
You will work on new firm authorisations in the Major Transactions Team, predominantly focused on the authorisation of third country branch applications for insurers that have lost their passporting rights following the UK's exit from the EU
This role will offer you the opportunity to seek a dynamic portfolio of work within a varied and challenging environment, committed to learning and career development. You may also use your skills and experience on other new firm applications and change in controls, both for deposit taking and insurance firms. You will interact closely, and alongside partners, most notably Supervision and the FCA.
The role will require you to lead or co-ordinate the assessment of linked regulatory transactions, for example applications to perform Senior Management Functions. The successful role holders will be responsible for:
  • Effectively leading applications. We want individuals to play an active part in how we deal with these applications, seeking to find ways to continually improve the way we work.
  • Considering applications against Threshold Conditions and other statutory tests; drawing on expertise (such as Supervision, Policy and Legal) from across the business and collaborate closely with the FCA and third parties when appropriate.
  • Using sound analysis to make judgements in assessing applications, making recommendations, and providing effective challenge to internal and external stakeholders. We do not expect individuals to take information at face value and want people to be curious about what they are assessing.
  • Producing clear and concise recommendations to decision makers and committees. Your analytical skills will be brought to the fore when you decide what information is relevant to reach the right conclusions on cases.
  • Partner leadership skills. Build and maintain constructive relationships across the organisation (including Supervision, Policy and Legal), the FCA and other key partners. We know working collaboratively is fundamental to our success. We need people who know how to champion strong working relationships.
  • Representing Authorisations and the wider Bank, presenting Authorisations and Bank views in a way that is credible and authoritative. This will give individuals the opportunity to develop a range of technical and soft skills.

Role Requirements
Minimum Criteria

Business Knowledge: experience of one or more of the following:
  • Regulatory knowledge/experience including an understanding of the PRA supervisory framework;
  • Understanding of the financial sector;
  • Appropriate regulatory knowledge and/or experience of one or more of the Authorisations processes.
Essential Criteria
  • Leadership skills: you have experience of acting as ambassador for your team and local area, clearly articulating your role and responsibilities.
  • Decision-making and judgement: you have experience of making timely, appropriate, outcome-focused decisions and judgements based on available information. You are rational in assessing risks and take a pragmatic approach in agreeing actions and outcomes, providing appropriate challenge when necessary.
  • Analytical skills: you have experience of solving problems, can draw conclusions and present your analysis and recommendations.
  • Communications skills: you have experience of report writing and communicating verbally to senior stakeholders
  • Collaboration and teamwork: you are able to work well in a team, solve problems practically as well as pragmatically. You take responsibility and ownership for your contribution to the success of the team. Ability to deputise for the Team Leader and Team Manager.
  • Credibility: Ability to represent Authorisations on departmental and PRA-wide projects, communicating Authorisations view in a way that is persuasive and authoritative

Desirable Criteria

  • Prior experience (directly or indirectly) of leading new firm applications and/or handling other types of major transactions.

  • Prior experience (directly or indirectly) of leading new firm applications and/or handling other types of major transactions.

  • Prior experience (directly or indirectly) of leading new firm applications and/or handling other types of major transactions.

We anonymise applications so hiring managers will not be able to see your personal information, your original CV or covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed.

The closing date for applications is 01 February 2021

Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.

Reward Package

As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit.

The salary range for this vacancy is £45,900 - £57,330, dependent on relevant skills and experience. In addition, the total reward package also includes:
  • 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 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
  • 25 days annual leave with option to buy up to 13 additional days through flexible benefits.
  • Private medical insurance and income protection.

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