WORKING IN THE
BANK OF ENGLAND’S
LEGAL DIRECTORATE
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Careers in the Bank of England Legal Directorate.
“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.
Since I joined the Bank’s Legal Directorate, three things in particular have struck me:
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The breadth and complexity of legal issues we deal with every day is remarkable.
You will also meet some of my colleagues. We have a dynamic and high-performing
team of over 90 lawyers who, while coming from a diverse variety of backgrounds, all
share a strong and clear sense of public duty.
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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.
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 2015.
Our inclusive culture and sense of community, along with excellent flexible working opportunities, make the Bank a place where everyone can be themselves.
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.
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Careers in the Bank of England Legal Directorate.
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.
Across our seven legal teams, 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
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.
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Careers in the Bank of England Legal Directorate.
OUR TEAMS
Here’s a closer look at the teams that make up the Legal Directorate.
Deposit Takers
Insurance
Regulatory Action
Markets, Banking
and Notes
Financial Stability
and Market
Infrastructure
Corporate
Resolution
We advise on complex
and diverse legal issues
relating to the prudential
regulation of banks,
building societies,
credit unions and PRAregulated investment
firms. Our work also
includes advising on the
implementation of new
prudential regulation and
policies – whether EU or
domestic.
We cover legal issues
relating to the PRA’s
responsibilities for the
insurance industry. Our
work includes advising on
domestic and EU policy
initiatives, such as the
Solvency II Directive,
supervisory judgements,
the PRA’s prudential
framework and the
regulation of individuals
working in insurers.
We deploy our legal and
investigative expertise
in support of the Bank’s
regulatory powers where
the use of those powers
may result in litigation.
We provide legal support
for the Bank’s own markets
and banking operations.
The work here is both
advisory and transactionbased, and covers issues
such as sterling markets,
foreign exchange
transactions and customer
banking. We also advise
on the note circulation
scheme, designed to
distribute Bank of England
banknotes around the UK,
and on the regulation of
Scottish and Northern
Ireland banknotes.
Our team advises on legal
issues relating to financial
stability functions.
These include the Bank’s
statutory responsibilities
in relation to the Financial
Policy Committee,
the development and
implementation of macroprudential policies, and
supervisory and policy
issues concerning financial
market infrastructure.
Our wide-ranging remit
sees us provide 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
non-supervisory litigation.
We advise the Bank in its
role as the UK resolution
authority, including the
resolution of failing
financial institutions and
the preparatory work
to ensure that financial
institutions are resolvable.
Much of our work relates
to the development of
viable resolution plans
for individual financial
institutions and policy
work to strengthen
domestic and international
resolution regimes.
Careers in the Bank of England Legal Directorate.
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.
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Careers in the Bank of England Legal Directorate.
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, Regulatory Action
Why I joined the Bank’s
Legal Directorate
Why being a lawyer in the Bank’s
Legal Directorate is so different
Why I would recommend working
in 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 Regulatory Action Division when the FSA’s
regulatory functions were split in April 2013.
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.
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.
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Careers in the Bank of England Legal Directorate.
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, Legal Counsel, Resolution
Why I joined the Bank’s
Legal Directorate
The work I do
Why I’d recommend the Bank’s
Legal Directorate to you
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.
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.
In the past few months, 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.
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.
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Careers in the Bank of England Legal Directorate.
VIVIENNE
“Since joining, I‘ve gained a new and unique
perspective on the issues that affect the entire
insurance industry.”
Vivienne, Head of Division, Insurance
Why I joined the Bank’s
Legal Directorate
Why I stayed in the Bank’s Legal
Directorate
The work I do
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.
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.
It’s extremely varied. For example, we’ve recently been
working 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.
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Careers in the Bank of England Legal Directorate.
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
Why being a lawyer in the Bank’s
Legal Directorate is so different
The rewards
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.
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 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.
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Careers in the Bank of England Legal Directorate.
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, Senior Legal Counsel & Manager, Markets, Banking & Notes
Why I joined the Bank’s
Legal Directorate
How my expectations were met
How I’ve developed in 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.
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.
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.
Careers in the Bank of England Legal Directorate.
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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.
Rob is Head of our Deposit Takers Division. He provides
professional leadership to an 18-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.
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.
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 recently hired another male part-time colleague.
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