The Financial Policy Committee (FPC) was established by the Financial Services Act 2012 as a Committee of Court, and was made a policy committee of the Bank by the Bank of England and Financial Services Act 2016.
The FPC has responsibility for formulating macroprudential policy. As set out in the Bank of England Act 1998, as amended by the Financial Services Act 2012, the objectives of the FPC are:
- to contribute to the achievement by the Bank of its financial stability objective by identifying, monitoring and addressing systemic risks with a view to protecting and enhancing the resilience of the UK financial system; and
- subject to that, to support the economic policy of Her Majesty’s Government, including its objectives for growth and employment.
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 member from HM Treasury.
The appointment of external members to the FPC is designed to ensure that the Committee benefits from thinking and expertise in addition to that existing inside the Bank of England and to provide constructive challenge during 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.
Closing date: 17/02/2017 at 5pm
For more information about the role, visit the Centre for Public Appointments website