FCA Cost Benefit Analysis Panel Member

Requirements of the role

The FCA Cost Benefit Analysis Panel (the Panel) is looking for two new members. One will be from an authorised firm (please see separate advert) and one will be joining either as a CBA Methodology Expert or as a Financial Services Expert.

About the FCA Cost Benefit Analysis Panel

The FCA Cost Benefit Analysis Panel (the Panel) is an independent panel of experts, established through the Financial Services and Markets Bill (FSMB) 2023, to provide advice to the FCA and PSR in relation to cost-benefit analysis (CBA).

The FCA undertakes a CBA to analyse and estimate, where possible, the likely impacts of a policy on different groups such as industry, consumers, markets and the FCA. As well as providing transparency to the public and its stakeholders that it is using its powers appropriately, a CBA helps it to understand whether the FCA’s proposed interventions are likely to be effective and are proportionate to the harm it is trying to address.

The panel advises the FCA and Payment Systems Regulator (PSR), and has the statutory duty to:

• provide the FCA and PSR with advice in relation to the preparation of their statement of policies on CBA methodology;
• provide the FCA and PSR with advice in relation to the preparation of CBAs;
• keep under review how the FCA and PSR are performing generally in carrying out their duties to undertake a CBA; and
• provide to the FCA and PSR whatever recommendations the Panel thinks appropriate as a result of such review.

The Role of the Panel

The Panel reviews a selection of CBAs produced by the FCA before publication. In order to ensure that the Panel focuses on reviewing the CBAs associated with high-impact interventions, only proposed interventions with expected impact above a certain threshold will be required to be reviewed by the Panel. The threshold and any exemptions from the obligation for the FCA or PSR to consult the Panel on a CBA before publication will be set out in the respective statements of policy on CBA methodology.

The Panel members will have the ability to bring a critical and pragmatic perspective to how the FCA and PSR produce CBA to regulatory interventions.

Skills/Experience Required 

We are a Disability Confident Employer; therefore, disabled people or individuals with long-term conditions who best meet the minimum criteria for a role will go through to the next stage of the recruitment process. (To learn more about the Disability Confident Scheme Click Here).

Successful individuals will have significant professional experience working as an expert in financial services, with a background, ideally, as an economist or in a related profession; skills and experience will include:

• A sound understanding of the importance of evidence and analysis in the regulatory process, and the impact of regulation on a range of stakeholders including businesses and consumers.
• Strong analytical skills, with the ability to critically assess evidence and make sound judgements in the face of uncertainty.
• Ability to deliver collaboratively as part of a senior level team, possibly but not necessarily with experience on a committee or board.

Successful individuals should also satisfy the requirements for at least one of the two roles set out below:

1 CBA methodology expert

Successful individuals will have experience in a senior position with responsibility for oversight or sign-off of CBA or equivalent analysis. This may have been gained at a government department or regulator, a private sector organisation such as a consultancy, an academic setting, a think tank or research organisation.

Should the individual’s experience come from outside a government department or regulator, they should bring evidenced experience with CBA of public policy projects.

2 Financial services market expert

Successful individuals will have experience in the financial services sector, gained either through working directly in a financial services firm or consulting in the industry, preferably having held a senior position. They should be able to demonstrate knowledge and deep understanding of at least one of the following: retail markets, wholesale financial markets, or payment systems.

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