The Chancellor of the Exchequer, , has appointed Liz Oakes as an
external member of the Financial Policy Committee (FPC). Her appointment fills
the role previously filled by Elisabeth Stheeman. She will serve
a three-year term, which will begin on 3 June.
Ms Oakes joins the FPC following a long career
in the financial services sector focussing on payments. She has
held a number of executive and board level roles in financial and
professional services firms, including global positions leading
strategy, market and product development.
The Chancellor has also reappointed Carolyn Wilkins for a second
term on the FPC
beginning on 21 June 2024. Carolyn has 20 years of experience in
central banking, most recently as Senior Deputy Governor at the
Bank of Canada.
Further information
About the appointment process
Ms Oakes has been appointed following an open recruitment
process. As part of this process, HM Treasury recruited an
executive search agency. A panel comprising of Gwyneth Nurse
(non-voting member of the FPC and Director General of
Financial Services, HM Treasury), Jonathan Hall (external member
of the FPC) and
Douglas Flint (independent panel member) interviewed a number of
candidates and made recommendations to the Chancellor, which
informed his decision.
There were 17 applications, of which 7 candidates were
shortlisted for interview. One candidate withdrew prior to
interview. The gender breakdown for this appointment is below:
|
|
Application stage
|
Shortlisted for interview
|
|
FPC
External Member
|
4 women, 9 men, 4 undisclosed
|
2 women, 5 men
|
About the Financial Policy Committee
- The FPC is
the UK's macroprudential authority: its objective is to protect
and enhance the stability of the UK's financial system by
identifying, monitoring and addressing systemic risks.
- The FPC has
thirteen members. Six of them are Bank of England staff including
the Governor, four Deputy Governors and the Executive Director
Financial Stability, Strategy and Risk.
- There are also five external members who are appointed by the
Chancellor and selected from outside the Bank for their
experience and expertise in financial services. External members
sit on the Committee on a part-time basis.
- The Committee also includes the Chief Executive of the
Financial Conduct Authority and one non-voting member from HM
Treasury.
- The Bank has robust procedures in place to monitor and manage
any actual or potential conflicts of interest to ensure the
independence, integrity and impartiality of the Committee, and
avoid any perception that a Committee member may obtain an unfair
advantage through their association with the Committee.
