The membership of the FPC comprises the Governor (who chairs the FPC), the four Deputy Governors, the Chief Executive of the Financial Conduct Authority, the Bank’s Executive Director for Financial Stability Strategy and Risk, five external members appointed by the Chancellor, and a non-voting representative of HM Treasury.
The FPC exercises its functions with a view to contributing to the achievement of the Bank’s Financial Stability Objective. The FPC is responsible for identifying, monitoring and taking action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system. The FPC also has a secondary objective to support the Government’s economic policies.
The appointment of external members to the FPC is designed to ensure that the Committee benefits from thinking and expertise in addition to that gained inside the Bank of England and to provide constructive challenge within the Committee’s deliberations. Each member of the FPC should have expertise in the field of financial services and economics. External members will be independent – they will not represent or lobby for individual groups, interests or sectors.
Deadline: 8th June 2016