Financial Services Group
The Financial Services Group promotes a stable and efficient financial services sector that supports growth in the UK economy and promotes good outcomes for consumers and businesses, by:
- Promoting growth in the UK economy across all sectors and regions by ensuring financial services operate efficiently and competitively.
- Supporting macroeconomic stability by ensuring that UK, EU and international regulation reduces risk of financial and wider macroeconomic instability.
- Prioritising good outcomes for consumers and businesses through appropriate regulatory reform, effective competition and better informed consumers.
About the Team
Banking and Credit Team
The Banking and Credit (BAC) team is a high-profile, friendly and supportive team with interests across a range of financial services issues. The team leads the Treasury’s policy work on retail banking, competition in banking including financial technology, mortgages, business lending, payment services, building societies and mutuals. The team works closely with a large number of Treasury teams (in the Financial Services and Financial Stability Groups, the Fiscal Group and the Enterprise and Growth Unit), other government departments and a wide range of external stakeholders including the major banks.
The team has a vacancy for a varied and highly challenging role that will give the post-holder the opportunity to shape Government policy in a wide ranging and fast paced area which is never far from Senior Civil Servants’, Ministers’ and Parliamentarians’ attention. Since the financial crisis the state of bank lending to businesses, small and medium-sized enterprise (SME) access to finance and competition in SME lending have been near the top of the financial services agenda. Such interest is only heightened in the context of supporting businesses through EU Exit. At the same time, there has been much Parliamentary and media interest in issues of historic poor treatment of SMEs by certain banks, and calls for changes to the regulatory framework surrounding business lending.
The post-holder can expect to work with a high degree of autonomy to design and deliver Government interventions in the UK banking and finance sector, working with a broad range of internal and external parties including the major banks and alternative finance providers, industry and consumer representatives, the Financial Conduct Authority (FCA), the Bank of England, OGDs and various EU institutions. Specific accountabilities are set out below.
1. Design and implement policies to improve lending to businesses and competition in the lending market, to support HMG’s growth and financial services agendas. This will involve close working with the major banks, business groups and others to design and implement new interventions to support SME lending and increase competition in the market for SME lending. This includes the ongoing delivery of two flagship competition policies, contributing to discussions regarding business support and EU Exit, and considering matters of both supply of and demand for finance when identifying new areas where Government intervention is required.
2. Shape and lead the Government’s policy position on the regulation of business lending, ensuring that the regulatory framework strikes the correct balance between appropriate protection and the availability of finance. This will involve working closely with the major banks, industry bodies, the regulators and Parliamentary groups, representing Ministers’ objectives across a broad range of partners and workstreams.
3. Deliver the Government’s policy priorities regarding the resolution of outstanding disputes between SMEs and banks. This will involve representing the Government’s position on the Steering Group for a new independent dispute resolution body, and working closely with banks, industry bodies, the regulators, Parliamentary groups and business representatives to deliver the Government’s objective of bringing closure in this area (where possible).
4. Lead on overarching policy towards the peer-to-peer (P2P) lending and crowdfunding sectors. P2P lending and crowdfunding are innovative and fast-growing financial technology sectors that Ministers have been keen to champion and see grow, and are at the centre of the Government’s ‘FinTech’ agenda – although in recent times some firms have experienced high-profile challenges. This role will lead on overarching P2P and crowdfunding policy, including leading the relationship with the sectors and coordinating multiple areas of work (including tax) into one coherent package for Ministers. The post-holder will also lead on regulation of the sectors, including staying aware of recent developments to establish a pan-European regulatory framework. This will involve close working with the FCA to ensure any regulation is proportionate and meets Ministers’ objectives of protecting consumers while also supporting the growth of the sectors.
5. Lead the team’s relationships with the UK’s major banks and lenders, business groups, regulators and across Whitehall. The post-holder must be a credible representative for HMT when negotiating with senior interested parties across the major banks, lenders, business groups, regulators and Government – including C-suite executives and their offices.
6. Drive the UK’s agenda on SME lending and competition in Europe and internationally. Engage with internal (HMT and HMG) colleagues, and international partners, to ensure emerging international policy is compatible with UK objectives for SME lending – especially in the context of both EU Exit and future Free Trade Agreements.
7. Manage the Business Lending branch efficiently and effectively, maintaining a professional and supportive environment for the branch. The post-holder will need to develop and lead the branch, continuing to develop the branch’s expertise and knowledge in business lending and wider financial services, as well as embedding first class policy skills and behaviours. The post-holder will also be part of the Banking and Credit management team.
If you have any questions about the role, please contact the hiring manager on firstname.lastname@example.org.
Candidates – Please note, you will be asked to give evidence in your application of how you meet these criteria.
Required Behaviours, Experience and Technical Skills:
1. Ability to comprehend a range of financial services regulatory policies, crafting and delivering complex policy, identifying key issues and proactively crafting and driving forward an agenda.
2. Ability to manage a team in a pressurised environment and to tight deadlines, prioritising demands and reacting at short notice to Ministerial requests.
3. Ability to develop strong working relationships with internal and external contacts at all levels of financial services firms, to represent HMT effectively to senior partners, and to deliver your objectives through others.
The lead criteria is (1).
If we receive a large number of applications, applications will be assessed against this criterion alone first. They will then be assessed against the other criteria if they have met the minimum score on the lead one.
We’ll assess you against these behaviours during the selection process:
- Seeing the Big Picture
- Making Effective Decisions
- Communicating and Influencing
- Working Together
- Delivering at Pace
HM Treasury views flexible working as essential in enabling us to recruit and retain talented people, ensuring that they are able to 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; working from home, compressed hours and job sharing. Additionally, we operate flexitime systems, allowing employees to take up to an additional 2 days off each month, providing you work enough hours to meet business need.
We also offer a generous maternity/ paternity and adoption leave package.
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 are able to realise their potential and achieve a healthy work-life balance.
- 25 days’ annual leave (rising to 30 after 5 years), plus 8 public holidays and the Queen’s birthday (unless you have a legacy arrangement as an existing Civil Servant)
- Flexible working patterns (part-time, job-share, condensed hours)
- Access to a generous Defined Benefit pension scheme with employer contributions. Find out more about Civil Service pensions
- Onsite restaurant and coffee bar. The London office also offers a gym, showers and prayer room
- Access to a cycle-to-work salary sacrifice scheme, season ticket advances and payroll giving
- Access to a retail discounts and cashback site
- A Rental Deposit Advance Scheme to help meet the total costs of deposits for privately rented homes
- A range of active staff networks, based around interests (e.g. analysts, music society, sports and social club) and diversity (e.g. women in the Treasury, ethnic minority network, LGBT* network, faith and belief network)