The FCA Cost Benefit Analysis Panel (the Panel) is a new independent panel of experts which will be established when the Financial Services and Markets Bill (FSMB) is enacted to provide advice to the FCA and PSR in relation to cost-benefit analysis (CBA).
The FCA undertakes a CBA in order 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 our stakeholders that we are using our powers appropriately, a CBA helps us to understand whether our proposed interventions are likely to be effective and are proportionate to the harm we are trying to address.
The panel will advise the FCA and Payment Systems Regulator (PSR), and will have 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 will be expected to review 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.
Successful individuals will have significant professional experience working 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 satisfy the requirements for at least one of the two roles set out below:
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.
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.
The anticipated time commitment will be up to 40 days per year. Panel members can be based in the UK or internationally. Meetings will take place in person and virtually, and members will not be expected to attend a high number of in-person meetings.
The FCA’s ambition is to create a diverse and inclusive workplace that reflects the society the FCA serves, helping the FCA to be a better regulator. The FCA particularly welcomes applications from women, disabled, and minority ethnic candidates, as under-represented groups.
The FCA is a signatory to the Government’s Disability Confident Scheme. This means it guarantees disabled people an interview if they meet the minimum criteria for any job vacancy. The Panel has also committed to do so. You can find more information on the minimum criteria on the downloadable Candidate Brief.
All applicants are required to demonstrate that they do no have other interests likely to conflict with their responsibilities as an appointment by the FCA. Any potential conflict of interest should be declared as early as possible in the selection process.
The deadline for applications is 23:55 on Sunday 2 July 2023.
Please do not apply via the FCA career's page as this vacancy is being managed by our recruitment partner at Odgers.
To apply please visit
Executive Jobs Opportunities | Odgers Berndtson