Head of Department (Capital Markets)

An exciting opportunity has arisen to take on the role of Head of Department for Capital Markets in SPC.

The Capital Markets Department plays a pivotal role at the heart of the UK’s wholesale financial markets. The department is part of the Infrastructure & Exchanges Directorate within the wholesale markets area of Supervision, Policy and Competition (SPC). In broad terms our role is to set rules that govern how financial markets operate and also to supervise firms that are active in those markets. Specifically, the Capital Markets department is responsible for supervision of benchmark administrators and credit rating agencies; and policy in respect of primary markets, post-trade arrangements, market abuse, short selling, wholesale crypto, benchmarks and credit ratings.

The Department is playing a central role in delivering the FCA’s strategic priorities, particularly to support economic growth and be a smarter regulator.  The UK occupies a pivotal position in global financial markets, being the second biggest global financial hub and first in the world for international debt issuance and foreign exchange trading. As part of our work to strengthen UK markets, we have been delivering an exciting programme of capital markets reforms, including the biggest listing rule changes for decades, major shifts in prospectus rules and a new public offer regime. This high-priority work to enhance UK capital markets will continue into the FCA’s new Strategy, as it plays a key role in supporting innovation and growth.

The opportunity has arisen to work as the Head of Capital Markets. Critical aspects of this important role are to: assess how to continue building UK capital markets’ capability; find the right balance between risk and growth; and how to grow digital capabilities. This will require UK capital market expertise and strong leadership skills as we build out our teams and capabilities.

The Head of Department will also work collaboratively across the FCA and engage closely with other regulatory agencies and with a broad range of stakeholders across industry.

This is a unique opportunity to feed directly into the FCA’s strategic priority to strengthen

UK wholesale markets and support innovation and economic growth at a critical time.

What will the candidate get from the role?

• Joining the Senior Leadership Team at the FCA during an exciting and challenging time of great change in financial services and its regulation.

• Leading a department of talented and committed people through significant projects whilst also delivering on business-as-usual objectives.

• Exposure to strategic issues and key players in the world of finance, both nationally and internationally.

Key responsibilities:

• Leading the continued development and delivery of the FCA’s capital market priorities through a period of significant change and development. This could involve assessing relative priorities in light of external events.

• Lead the further development and delivery of our supervisory strategies for credit rating agencies and benchmark providers, including in light of the on-going evolution in the FCA’s supervisory approach.

• Developing our capabilities and understanding of markets through use of data analysis and tools, including championing new ways of working where appropriate.

• Forging and maintaining strong and collaborative partnerships with key internal stakeholders to ensure a coordinated, effective and forward-looking FCA approach to capital markets.

• Representing the FCA externally with credibility and authority, forging and maintaining relationships with external stakeholders (including domestic / international regulatory authorities and industry representatives), and driving a strong FCA narrative on UK capital markets.

• Leading the Department’s management team and Technical Specialists to ensure that we work effectively and there is a positive and inclusive culture. The HoD will need to make sure we recruit and retain high-quality staff and be on top of operational effectiveness and potential risks.

• Representing the Department at relevant FCA boards, committees and working groups. And playing an active role as a member of the FCA senior leadership team, including contributing to the success of the new FCA strategy.

• Delivering through others via coaching, influencing and negotiating skills with a range of internal and external stakeholders.