HM Treasury Jobs 2023 – Policy Adviser

About the job

Financial Services Group

The Financial Services Group advises the government on how to promote a stable and efficient financial services sector, to deliver excellent outcomes for consumers and business, enhance the UK’s position as a global hub for financial services and support economic growth across the country.

The financial services sector is important to the UK economy – providing significant numbers of jobs and making a large contribution to the UK’s economic output. It also provides essential services to individuals – for example, helping them to purchase goods with ease, buy their first home, and plan for their retirement. During the COVID pandemic, it played a critical role in supporting individuals and businesses – for example, in providing payment holidays for individuals and businesses affected by the pandemic and working with the government to deliver Bounce Back Loans.

We ensure that financial services businesses such as banks, investment firms, financial advisors and insurers are well-regulated. Ensuring firms treat customers fairly, customers have access to a range of financial services as a result of competition in the market, and there are appropriate remedies in place when things go wrong.

We work on a significant international agenda which includes promoting openness and trading links between the UK and countries all around the world, including through Free Trade Agreements and other international dialogues and negotiations. To do this we work closely with colleagues in offices overseas from the Foreign Commonwealth & Development Office and the Department for International Trade.

Working with stakeholders is key in Financial Services – for example, we work closely with the independent regulators to help them fulfil their roles, consult consumer groups on issues affecting them, and work with the sector on wider issues like the net-zero agenda.

About The Team

The Personal Finances and Funds team brings together the strategic oversight of the asset management, financial advice, consumer credit and debt advice sectors in the UK, with responsibility for the protection of consumers to whom they provide their products and services. The work is challenging, fast-paced and high profile, but it is also a friendly, supportive and inclusive team – of around 20 people – with consistently high staff engagement. The team consists of four units:

• The Asset Management and High-Risk Investments Unit, which sets Government’s strategy for the UK’s asset management industry to ensure it supports a competitive and innovative sector, but also ensures that riskier investments are only offered appropriately and to the right consumers.
• The Financial Inclusion, Capability and Consumer Debt Unit which ensures that financial products and services are available and affordable to all, consumers are equipped to navigate them, and appropriately supported when they fall into debt.
• The Breathing Space Unit, which is responsible for a debt respite scheme that has helped over 85,000 in problem debt get help and advice since its launch in 2021.
• The Consumer Credit Unit, which leads Government policy towards the £250 billion consumer credit market. The Unit has led on high profile policy over the last few years, including COVID-19 payment holidays, parts of the Bounce Back Loan Scheme, a No Interest Loan Scheme pilot, and the regulation of Buy-Now Pay-Later products.

Key Accountabilities

These are key roles in the Consumer Credit and Breathing Space Units, offering stretching remits and a lot of opportunity to grow and develop! The posts will provide the opportunity to grapple with technical issues that translate into real-world outcomes. You will need to work constructively with a diverse network of stakeholders, and balance opposing interests to deliver better outcomes for consumers and businesses alike.

The posts will be ideally suited to individuals who have or would like to develop skills in making policy and legislation, strategic direction setting and the ability to build positive relationships.

The roles provide exposure to Treasury ministers and senior colleagues, who pay close attention to the policy area. We work on issues that are often featured prominently in the press and in Parliament, and roles will often evolve in line with new Government priorities.

In the Consumer Credit Unit, the postholder’s key responsibilities will include:

• Delivering policy on bringing Buy-Now Pay-Later products into regulation, working with lawyers and the Financial Conduct Authority to draft legislation and take it through Parliament, as well as assess the impact of regulation.
• Leading Treasury’s policy on tackling illegal money lending and the credit information market. This involves being responsible for the funding of the national teams that combat loan sharks to ensure that the Treasury’s objectives are met, and collaborating with the Financial Conduct Authority to understand the outcomes of its Credit Information Market Study to ensure that the credit information market delivers for both consumers and the lending industry.

In The Breathing Space Unit, Key Responsibilities Will Include

• Delivering policy on the debt respite scheme, working closely with lawyers, colleagues in the Insolvency Service (who administer the breathing space scheme on behalf of the Treasury), debt advice, consumer and creditor organisations to decide on future improvements to the scheme, prepare any necessary legislation, and monitor the scheme’s operation.

Both roles will require the postholders to work flexibly, supporting their unit to brief and support ministers in Parliamentary debates, and providing advice on issues in their area of policy expertise as they arise, including drafting responses to ministerial correspondence and parliamentary questions.