Head of Regulatory Finance

Requirements of the role

The economic regulation and competition policy team is a vital part of the Civil Aviation Authority’s (CAA) Consumers and Markets Group (CMG). The focus of the team is to protect consumers by ensuring that airports and air traffic service (ATS) providers do not exploit their market position. Understanding the impact of policy options and our actions is essential in ensuring we protect the interests of consumers while allowing a fair investment opportunity for investors.

The team has responsibility for the economic regulation of Heathrow Airport Limited (HAL), Gatwick Airport Limited and the monopoly air traffic services provider for the UK, NATS (En Route) Plc (NERL). This includes the development, oversight and enforcement of price control arrangements and other licence obligations. The team is also responsible for discharging the CAA’s concurrent competition responsibilities relating to the provision of airport operation and air traffic services.

We are looking for a Head of Regulatory Finance to lead our work on regulatory finance issues including the cost of capital, the regulatory asset base (RAB), inflation forecasts, depreciation, tax, pensions and regulatory accounting issues. Reporting to the Programme Director, the Head of Regulatory Finance will lead and coordinate technical and policy work across the team on the issues above for the future price control reviews. They will also support on the development of policy on other price control, financial and regulatory issues as appropriate.

These issues will have a highly material impact on the price control proposals we will make and are central to our statutory duties to protect consumers. The decisions also have the potential to be highly contentious and are likely to be subject to appeals and/or legal challenge.

This role is a permanent position and offers the opportunity for professional development, through working within a highly experienced team, directly influencing and engaging with senior leaders, and working across a variety of high profile economic and policy issues.

Core accountabilities

The Head of Regulatory Finance will be responsible for:

• Developing and delivering a cohesive work plan across the regulatory finance policy areas, both within the context of a price control review and on an ongoing basis (for example to cover implementation activities in relation to the review).
• Designing, overseeing, and assuring the quality of thorough economic analysis, including providing leading edge economic thinking, to underpin and inform all substantial policy decisions related to cost of capital and the RAB.
• Actively engaging and leading key stakeholder relationships at senior level meetings on cost of capital and the RAB, and challenging stakeholder submissions.
• Commissioning cost of capital studies, overseeing the work of our technical advisors and consultants, and providing a critical review of analysis provided.
• Ensuring key deliverables are provided on time, to high quality and are informed by compelling analysis. This includes preparing documents for publication and submission to the CAA Board that provide a clear exposition of technical issues, are prepared to a standard consistent with publication, and that will be persuasive to non-technical audiences.
• Providing advice to the Programme Directors, Chief Economist, the CAA Executive Committee and the CAA Board as required.
• Developing, managing and empowering of team members, through opportunities to develop skills and training, as a senior leader in the team.
• Championing CAA values and D&I policy.

You may also be expected to lean in and support the delivery of other parts of the regulatory and price control framework as required, and to represent the CAA at external groups, such as the UK Regulator Network in discussion on the cost of capital.

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