Are you passionate about evidence-based policymaking? Do you want to shape decision making at the heart of the UK’s financial system? The Bank of England is seeking to appoint a new member of the Cost Benefit Analysis (CBA) Panel. As a member of the CBA Panel, you will collaborate alongside experts in economics, finance, and regulation to support increased transparency and scrutiny of the PRA and the Bank’s policymaking.
The PRA and the Bank of England
The Prudential Regulation Authority (PRA) is the UK’s prudential regulator for deposit-takers, insurance companies, and designated investment firms. The PRA’s primary objectives are to promote the safety and soundness of firms, and to contribute to securing an appropriate degree of protection for insurance policyholders.
The Bank of England (the Bank) as regulator of FMIs is responsible for supervision, policy and risk analysis on the infrastructure that sits at the core of the financial system - central counterparties, central securities depositories, and payment systems.
The CBA Panel
The CBA Panel plays an important role as a critical friend to the PRA and the Bank in supporting increased transparency and scrutiny of policymaking by providing regular, independent input into their CBAs. The CBA Panel brings considerable experience and knowledge of CBA, prudential regulation, and the financial services sector.
The Panel’s terms of reference, current membership, and annual report can be found on the Bank of England’s website [link].
The PRA and the Bank have a statutory duty to consult the Panel on:
- CBAs accompanying consultation papers relating to rules;
- in some circumstances, updated CBAs that accompany policy statements relating to rules;
- the statements of policy which set out the PRA’s and Bank’s approach to the preparation of CBAs.
The Panel may also provide recommendations for how the PRA and Bank can improve their overall methodology and approach to CBA.
The individual
This is a senior appointment. The successful individual will have significant academic or professional experience working as an economist or in a related profession. Skills and experience will include:
- Knowledge of relevant methodological frameworks;
- Understanding of financial services regulation and its impacts on UK financial stability;
- Strong analytical skills and the ability to absorb large volumes of complex information and reach reasoned and robust conclusions;
- The ability to deliver collaboratively as part of a senior level team, possibly but not necessarily with experience on a committee or board.
Successful individuals will also have experience in a senior position with responsibility for oversight or sign-off of CBA, economic, or equivalent analysis. This may have been gained, for example, in an academic setting, a think tank or research organisation, at a government department or regulator, or a private sector organisation such as a consultancy.
Members of the Panel are appointed by the Prudential Regulation Committee (PRC), in consultation with the Financial Market Infrastructure Committee (FMIC).
Additional Information
This is a remunerated role and is expected to require a commitment of around 25 days per year. There is a fee of £1,050 per day and expenses will be paid. It can be performed on a flexible basis, including in person meetings in our Moorgate and Threadneedle street locations and remote working. The successful candidate will serve a term of up to 36 months which is renewable at the discretion of the PRA (in consultation with the Bank).
We are recruiting for an independent member of the CBA Panel (i.e. not employed by a PRA-authorised firm or Bank-regulated entity). Individuals currently receiving remuneration from the PRA, the Bank, the FCA, The Payments Systems Regulator (PSR) (except the PSR Panel) and HM Treasury are not eligible to be appointed to the CBA Panel under the relevant legislation and therefore should not apply.
Our approach to inclusion
The Bank of England has a strong commitment to diversity and equality of opportunity, and welcomes applications from candidates irrespective of their background, gender, race, sexual orientation, religion, or age, providing they meet the required criteria.
All disabled candidates (as defined by the Equality Act 2010) who satisfy the minimum criteria for the role will be guaranteed an interview with the Assessment Panel under the Disability Confident Scheme (DCS).
To be eligible for consideration under the DCS, you must be considered disabled under the Equality Act 2010. This means that you must have or have had in the last 12 months – a physical or mental impairment which has a substantial long-term adverse effect on your ability to carry out normal day-to-day activities. This includes those whose disability has lasted, or is likely to last, for 12 months, or if the disability or condition is likely to progress or recur.
The closing date for applications is 23:59 on 15 June 2025.
