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Notes Accounting Team Leader - Notes Directorate

Bank of England.
Closing date
30 Jul 2021

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Clearance Level
DV, SC, None / Undisclosed
Administration / Secretarial
Job Type
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Job Details

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 Notes Directorate fulfils the Bank's obligations as the sole issuer of banknotes in England and Wales. With staff across Head Office, Debden and Leeds, we rely on expertise in fields as diverse as economic and quantitative modelling, risk analysis, operations and science. In fulfilling this important and highly visible public role, in maintaining confidence in the currency, it is important that we ensure:

  • The right note - the public has access to genuine, high-quality banknotes of a range of denominations
  • The right place - a well-run cash industry exists to supply banknotes cost effectively across the country
  • The right time - the Note Circulation Scheme ensures peaks in public banknote demand e.g. Christmas are met consistently

In addition to our role in relation to Bank of England notes, the Notes Directorate fulfils the Bank's statutory responsibility to ensure public confidence in banknotes issued by Scottish and Northern Ireland banks.

Department Overview

The Notes Accounting Team is based at Threadneedle Street and consists of a Manager (also responsible for the Notes Compliance team and Scotland and Northern Ireland Banknote Team), a Team Leader and three Team Members.

The distribution of Bank of England banknotes is undertaken by the commercial sector within the framework of the Note Circulation Scheme (NCS). The Notes Accounting Team plays a significant role in operating the NCS, being responsible for the daily purchases and sales of banknotes amounting to several billion pounds. The role involves frequent interaction with major banks and other commercial players. The team also provides data to a number of teams across the Bank which is used to make strategic operational decisions.

Job Description

This is a people management role. You will be responsible for the day-to-day management of the team and for defining roles and responsibilities. You will develop your team through sharing information effectively, coaching and communicating a clear vision to ensure that your staff are productive, engaged and motivated to deliver the area's aims. This will include setting clear goals and smart stretching objectives that are aligned to those of the team, division and directorate. You will also be responsible for managing all staff-related matters that may arise including performance, absence and sickness.

The role involves a combination of managerial, operational and technical work.

Responsibilities of the role include:

  • Managing the daily operations of the Notes Accounting Team ensuring daily deadlines and SLA requirements are met consistently.
  • Ensuring robust controls are in place
  • Regularly reviewing internal procedures, process instructions and control practices.
  • Arranging regular APP contingency tests within the team and with external NIPS system users.
  • Providing expert technical advice to management and team.
  • People management
  • Providing expert advice and input to implementation of change projects

Number of direct reports: 3

Role Requirements

The value of daily transactions processed during the day is significant and we are seeking candidates able to demonstrate the following.

  • Outstanding execution - the ability to produce high quality, accurate work whilst meeting agreed deadlines.
  • Strong numerical and IT skills - an awareness of advanced Excel functions would be beneficial.
  • Sound problem-solving skills - the work involves understanding a number of complex processes and being able to deal with issues as they arise.
  • Proven team-working and interpersonal skills - being part of a small operational team requires the ability to prioritise the work of the team at short notice. The role also entails significant liaison with both internal and external counterparts.
  • Time management - the ability to plan and prioritise work in a flexible way adapting to operational changes often with little notice.
  • Ability to challenge - we are constantly striving to improve our processes and welcome new ideas to enhance our processes.
  • Initiative - an ability to work independently and willingness to learn new skills

  • Knowledge of NIPS, T24 and RTGS would be beneficial.
  • Knowledge of the NCS and S&NI Regime would be beneficial.

The Bank values diversity and inclusion - we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive. We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation. One way we support diversity and inclusion is through our staff-run networks, which are summarised here .

We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working. This role is therefore open to flexible working patterns.

We are also committed to making workplace adjustments for all of our employees as needed, and also for candidates throughout all stages of the selection process. We are a member of the Disability Confident scheme, summarised here , and people who wish to apply under this scheme should check the box in the 'Candidate Personal Information' under the 'Disability Confident Scheme' section of the application.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.

This specific role offers a base salary of £28,050 - £31,500 per annum, along with our comprehensive benefits package as follows:

  • 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.

The closing date for applications is 20 August 2021.

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