Independent Member, Financial Markets Infrastructure Committee (FMIC)

Introduction 

The Bank of England’s Court of Directors is seeking to appoint a new independent member to the Financial Market Infrastructure Committee (FMIC).   

The Bank of England sits at the heart of the UK’s economy and financial system. Its mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.  

The FMIC was established as a statutory committee of the Bank under the Bank of England Act 1998 (as amended by the Financial Services and Markets Act 2023). The FMIC governs the work of the Bank of England on financial market infrastructure encompassing supervision and policy for payment systems (including stablecoin), central counterparties and central securities depositories.  Its decisions play a crucial role in ensuring the resilience of the systems and markets on which both retail and wholesale users depend.  This is a particularly interesting time given the extent of technological change and innovation taking place across the FMI landscape and a unique opportunity to play a part in a once-in-a-generation modernisation of money and markets.  For more information on the FMIC’s work, see our most recent annual report available here (see here). 

The coming period will see the FMIC – along with the Bank’s other policy committees – continue to deal with a wide range of issues. This will include assessing financial and operational risks to the resilience of FMIs and ensuring the Bank’s approach to supervision remains appropriate to the evolving market context. The Committee will continue to embed the new responsibilities of the Bank in relation to rulemaking and the secondary innovation objective through which the Bank seeks to facilitate innovation in the provision of FMI services.  

The knowledge and analytical rigour that the independent members bring to bear on the Committee’s work, along with the challenge they provide, ensures that the FMIC’s decision making is robust and effective. 

Appointment description 

Key responsibilities of FMIC Members 

• Providing independent challenge, perspective and insights across the breadth of the FMIC’s policymaking and supervisory remit.  

• Contributing an understanding of the broader context to FMIC discussions.   

• Providing oversight of the FMIC’s strategy and delivery.   

Organisation description 

The FMIC is accountable to Parliament and reports to it annually. The FMIC has several non-delegable responsibilities which include the Bank’s FMI related policy-making functions. 

FMIC is chaired by the Governor or Deputy Governor for Financial Stability. Its other members consist of  4 Bank members (including the Bank’s Executive Director for FMI), and at least 3 (currently 4) independent members. The Committee meets regularly to take decisions on rules and on firm-specific issues. In addition, it sets the strategy and approach to supervision. 

Minimum criteria 

• Strong and proven financial sector knowledge and experience at a senior level – candidates must have the experience necessary to make independent decisions. They must demonstrate that they have used their financial sector expertise operating at a senior level in or in relation to financial services organisations, ideally financial market infrastructure firms.  

Essential criteria

• Decision-making skills – the FMIC makes decisions that directly affect firms and people.  All members should have strong leadership skills, a strategic mindset, and be ready to take tough decisions and stand by them. 

• Analytical ability – candidates will need to be able to absorb large volumes of complex information and reach reasoned and robust conclusions.