WORKING IN THE BANK OF ENGLAND S LEGAL DIRECTORATE

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1 WORKING IN THE BANK OF ENGLAND S LEGAL DIRECTORATE

2 2 Working at the heart of the UK financial system throws up unique and intellectually stimulating challenges and our lawyers consistently rise to meet them. Sonya Branch, General Counsel Welcome and thank you for your interest in the Bank of England s Legal Directorate. This brochure will give you an insight into our stimulating and diverse work, as well as our wide-ranging career and personal development opportunities. You will find out what our different legal divisions do and how their work contributes directly towards the Bank s core mission: to promote the good of the people of the United Kingdom by maintaining monetary and financial stability. You will also meet some of my colleagues. We have a dynamic and high-performing team of over 120 lawyers who, while coming from a diverse variety of backgrounds, all share a strong and clear sense of public duty. This strong and clear sense of public duty also attracted me to the Bank. My career started in a global law firm, before I joined the senior executive team at and in time the Board of the Office of Fair Trading (OFT). The constant intellectual stretch and the sense of shared purpose which I discovered when working alongside colleagues with a strong commitment to public service have motivated me since. After the OFT, I went on to work across Whitehall, before joining the Bank as General Counsel in May Since I joined the Bank s Legal Directorate, three things in particular have struck me: The breadth and complexity of legal issues we deal with every day is remarkable. Our inclusive culture and sense of community, along with excellent flexible working opportunities, make the Bank a place where everyone can be themselves. Our lawyers demonstrate a real sense of pride in working for the Bank and wider UK public. Our work can make a real difference to millions. Together, these mean that we can offer lawyers of all levels an intellectually stimulating and fulfilling career with long-term professional and personal development opportunities.

3 3 WORKING IN THE LEGAL DIRECTORATE The Legal Directorate provides high calibre legal advice and support to policy, supervisory and operational areas across the whole of the Bank of England, including the Prudential Regulation Authority (the PRA). The Legal Directorate is a uniquely rewarding place to develop a career. Our lawyers face all of the Bank s functions as the United Kingdom s micro- and macro-prudential regulator, resolution authority and central bank. This means that we get involved in a wide variety of complex and often high-profile work, all focused on supporting the UK s monetary and financial stability. The issues we deal with on a daily basis have implications for everyone in the country. And for all of us, this sense of contributing to the public good is one of the most rewarding aspects of working here. they want to, so that they can gain broader experience and access a more varied range of progression opportunities. As part of a deeply-embedded culture of continuous learning, our lawyers benefit from a dedicated professional support function, personal development planning and a high-quality training programme. Taken together with our comprehensive benefits package and flexible working policies, this means that the Legal Directorate can offer a compelling alternative legal career. Our work is often cutting-edge and deeply rooted in events in the real economy. Our atmosphere is relaxed but highly professional. We can offer numerous and varied career progression paths. In addition, while other employers may focus primarily on profits, we place greater value on the rigour of our analysis and the quality of our advice. Across our various Divisions, we are committed to recruiting the most talented lawyers and giving them the support they need to develop. We recognise that much of what we do is highly specialised but we encourage applicants from a broad range of backgrounds who may be able to bring valuable alternative perspectives to our work. We also encourage colleagues to move around our legal teams, over time and only if

4 4 OUR DIVISIONS The Legal Directorate has five permanent Divisions and, pending the UK s departure from the European Union, lawyers are also seconded, by rotation, into the EU Withdrawal Unit. Corporate Enforcement and Litigation Financial Stability Insurance and Deposit Takers Markets, Banking and Notes EU Withdrawal Unit We have a broad remit, providing advice and support to business areas all across the Bank and the PRA. We cover everything from commercial, procurement and constitutional issues to funding arrangements, intellectual property and data protection. We lead on intelligence, investigations, enforcement, contentious matters and the handling of litigation, in support of the Bank s and the PRA s delivery of their statutory objectives. Our team advises on legal issues relating to the macroprudential functions of the Bank s Financial Policy Committee, the regulation and supervision of Financial Market Infrastructure, and issues relating to the resolution of financial institutions. We manage legal risk relating to the prudential regulation of insurers, deposit takers and designated investment firms. Our work includes advising on domestic and EU policy initiatives, supervisory judgments and the PRA s prudential framework. We provide legal support for the Bank s own markets and banking operations. Our work is both advisory and transaction-based, and covers issues such as sterling markets, foreign exchange transactions and customer banking. We also advise on the banknote circulation schemes for England and for Scottish and Northern Ireland banknotes. We co-ordinate the provision of legal advice to the Bank and act as a Hub for managing legal risk associated with the UK s withdrawal from the European Union.

5 5 MEET SOME OF THE TEAM These colleagues give you a clearer picture of life and work at the Bank of England. Read on to find out what inspired them to join and why they find working within the Legal Directorate so fulfilling.

6 6 LARA We advise on a staggering range of issues within the Legal Directorate it s stimulating, inspiring and rewarding work. Lara, Senior Legal Counsel & Manager, Enforcement and Litigation Why I joined the Bank s Legal Directorate I joined the Financial Services Authority s Enforcement Division in 2007 after five years in private practice, mostly in litigation, in South Africa and the UK. After a few years in the Enforcement Division, I moved to the FSA s General Counsel s Division, spending my last 18 months at the FSA in the General Counsel s private office. I moved to the Bank of England to take up a role in the Enforcement and Litigation Division when the FSA s regulatory functions were split in April Why being a lawyer in the Bank s Legal Directorate is so different For me, the difference undoubtedly lies in being able to get involved in the vast array of issues which the Bank is responsible for. It keeps the work challenging, and there s a real satisfaction in tackling issues that matter so much to the UK economy. Why I would recommend working in the Bank s Legal Directorate Not only is the Bank s work high profile, but we advise on a staggering range of issues within the Legal Directorate it s stimulating, inspiring and rewarding work.

7 7 NEEL Regardless of your legal background, you ll get to do high-quality, often cutting-edge work that you just wouldn t find elsewhere. Neel, Senior Legal Counsel, Insurance and Deposit Takers Why I joined the Bank s Legal Directorate I joined the Bank after spending three years as an associate in the Tax department of a Magic Circle law firm. I ve always been interested in finance and financial services, so joining the Bank certainly appealed to me. It was something of a leap into the unknown, but it ticked so many boxes: interesting work; talented, motivated colleagues; and a collegial and supportive atmosphere. The work I do I ve enjoyed plenty of variety since joining. The Bank is a market participant, regulator and policymaker all at once, and is constantly breaking new ground in one area or another. This keeps the work fresh and challenging, keeps your skills developing and keeps you on your toes. Over the past few years, I ve advised on bank resolution planning and policy issues, firm supervision, transaction structuring, and on everything from administrative law to brokerage agreements. You can specialise if you want to, but for me the opportunity to get involved with a wide range of things is a real attraction. Why I d recommend the Bank s Legal Directorate to you Regardless of your legal background, you ll get to do high-quality, often cutting-edge work that you just wouldn t find elsewhere. This has definitely been my experience.

8 8 VIVIENNE Since joining, I ve gained a new and unique perspective on the issues that affect the entire insurance industry. Vivienne, Acting Deputy General Counsel, Insurance and Deposit Takers Why I joined the Bank s Legal Directorate I d spent much of my career in corporate insurance advising insurance firms on the receiving end of regulation. The opportunity to see regulation from the inside, and influence its shape and outcomes, was too good to miss. Also, there were big changes ahead for the European insurance regulatory regime, and I wanted to be at the forefront of the changing regulatory landscape. Why I stayed in the Bank s Legal Directorate Since joining, I ve gained a new and unique perspective on the issues that affect the entire insurance industry, as well as insight into the challenges facing regulators not just in the UK, but across the world. It s by far the most interesting job I ve ever had. The work I do It s extremely varied. For example, we ve worked on the transposition of Solvency II Directive into UK domestic regulation, on rules for the new Senior Insurance Managers Regime, and on insurance business transfers under Part VII of the Financial Services and Markets Act. I m part of decision-making at the highest level in regulation something that attracted me to the role in the first place. And I really enjoy the collaborative and collegiate atmosphere here. People always find the time to discuss complex issues with you and share their knowledge.

9 9 DANI I was drawn to the unique work and the chance to be exposed to issues which only working at a central bank could offer. Dani, Legal Counsel, Corporate Why I joined the Bank s Legal Directorate The firm I trained with did not have a particular specialism in the financial services industry, so I d never really considered working at the Bank. But when I learned about the position here, I could see it was a job in which I could really use and develop my skills. I was also drawn to the unique work and the chance to be exposed to issues which only working at a central bank can offer. Why being a lawyer in the Bank s Legal Directorate is so different Although I focus mainly on commercial contracts and advising on the public procurement rules, being a part of the Corporate team means exposure to much wider ranging queries and issues. This means that I m learning something new all the time. Even normal commercial contract issues become completely different in the context of the Bank producing Banknotes an area in which I ve been heavily involved. The rewards The benefits are more than the variety of work. There s also the substantial involvement with the various different business areas of the Bank, and a real inclusion in helping to solve issues allowing the Bank to undertake its work. This, along with the great working environment, helps to make this job special.

10 10 JAN The learning curve continues to be steep, but I can t think of another institution that would provide me with such great opportunities. Jan, Deputy Head of Legal, Markets, Banking & Notes Why I joined the Bank s Legal Directorate I was looking for a varied and challenging in-house legal role, which would offer a better work-life balance, without compromising the quality of the work. I also wanted to be part of an institution which was concerned with bigger things than just its end of year P&L statement. How my expectations were met The quality and variety of the matters I advise on today are fantastic. In Markets, Banking & Notes, I take on transactional, advisory and policy matters across a huge range of areas, for a wide variety of clients. I ve advised on everything from capital markets matters and EU financial regulation to public law and regulatory investigations. I ve also been able to work externally with other central banks, as well as regulators, policy makers and even the International Monetary Fund. How I ve developed in the Bank s Legal Directorate The learning curve continues to be steep, but I can t think of another institution that would provide me with such great opportunities. I work with high-calibre colleagues and we re encouraged to move around, between teams and beyond. I ve benefited from this. I spent a year on secondment, acting as legal counsel to the Fair and Effective Markets Review a joint Bank, FCA and HM Treasury review into the UK s wholesale fixedincome, currency and commodity markets.

11 11 A LOOK AT THE BENEFITS The intellectually challenging work, opportunities for progression, positive environment and sense of purpose are not the only benefits to working here. Alongside all of these, you ll find a benefits package that is as comprehensive as it is competitive. We won t list every individual benefit here, but there are some highlights that are well worth a closer look. Bank of England pension scheme We offer a non-contributory defined benefit pension scheme. Annual leave We offer 25 days holiday per annum, with the option to purchase up to 13 additional days. Health and wellbeing You ll receive private medical insurance and permanent health insurance, along with the option of adding medical insurance for your partner and/or children. This is in addition to optional membership of a gym and a sports club. Flexible working We take the work-life balance of our people very seriously and we recognise that everyone here has a life outside of work. We also understand that traditional work patterns don t suit everyone and that an individual s needs often vary greatly over the course of their careers. We therefore aim to be as flexible as we can, offering options that include variable hours, part-time working and home-working. There are many people across the Legal Directorate who make the most of this flexibility, including some of our most senior employees. For an example of our policy in action, read Rob s story. Rob is Acting Deputy General Counsel of our Insurance and Deposit Takers Division. He provides professional leadership to a 45-strong team of lawyers. He supports and advises stakeholders throughout the Bank and the PRA on high profile legal issues. And, in order to balance childcare responsibilities with his wife, he works part-time. Following the birth of their first child, Rob s wife returned to work three days a week. But when their second came along, they decided to both move to a four-day week. Rob keenly encourages similar working patterns throughout his team and has hired a number of other part-time colleagues.

12 There s a lot happening at the Bank of England and the Legal Directorate is involved in it all. If you re interested in joining us, and working for the good of everyone in the UK, then find out more at: bankofengland.co.uk/careers