View Vacancy - Senior Financial Policy Advisor - Mumbai
Main purpose of the job:
The UK Foreign and Commonwealth Office (FCO) is responsible for promoting British interests overseas and for supporting British citizens and businesses around the globe. The British Deputy High Commission, Mumbai, is part of the FCO’s network in India and is a key part of managing the United Kingdom’s economic relationship with India.
This role sits within the India Economics and Prosperity team which leads on developing the UK-India bilateral economic and financial relationship, providing direction, analysis and reporting, managing programmes and engaging with key stakeholders in business, the UK government and the Government of India. The jobholder will be a crucial part of this team at a critical time for the UK and India’s economic relationship.
In this role you will have the opportunity to work in a fast-paced and energetic policy environment on a complex and challenging policy area at the cutting edge of the UK-India economic and financial services relationship. The jobholder is expected to be the British Deputy High Commission’s foremost expert on the Indian financial sector and monetary policy, leading high-quality analysis and reporting of new developments and longer-term trends which drive the policy agenda. This will be for a cross-government audience including Cabinet Ministers in London, the UK’s High Commissioner to India and senior UK and Indian business leaders. This analysis is crucial to informing the wider economic objectives of the UK government’s work in India, and the jobholder will play a key role in shaping those objectives.
The jobholder will be expected to build a strong network of leading financial sector players to inform our policy agenda. They will also build strong relationships and work with India’s Ministry of Finance and financial regulators like the Reserve Bank of India to advance UK policy and commercial interests and deliver major bilateral events, including the annual Economic and Financial Dialogue between UK Chancellor and India’s Minister of Finance.
A key facet of the role will be to shape the innovative and exciting UK-India Technical Assistance Programme on Financial Services in India, which is part of the UK government’s £1.2bn Prosperity Fund. The Programme covers a wide range of highly specialised themes including FinTech, insolvency, insurance, INR internationalisation and capital markets. As an expert in India’s financial sector policy, the jobholder will design and deliver the programme in a way that leverages UK expertise to develop Indian financial markets. The programme will also create opportunities for partnerships between international businesses, including those in the UK, and Indian businesses.
Roles and responsibilities:
1. Financial policy
- Act as the India network’s expert on India’s financial policy and regulation, supporting the UK’s strategic engagement with India on financial services issues.
- Build a strong network of contacts across Indian business, commentators, government and financial regulators including the RBI, SEBI, IRDAI, PFRDA, and IBBI, and work with them to advance UK policy priorities in the financial sector.
- Develop an in-depth understanding of the UK’s financial services sector and regulatory structure. Work closely with key stakeholders in the UK including UK Government departments (including HM Treasury, the FCO and the Department of International Trade (DIT)) and in the City of London to ensure a strong understanding of UK goals and priorities in India.
- Drawing on this knowledge, be proactive in identifying opportunities for greater collaboration between the UK and India in financial services, in particular through the annual EFDs between the Chancellor and India’s Finance Minister.
- Work with British businesses to develop a detailed understanding of market access issues in India’s financial sector. Help UK businesses navigate the Indian financial policy environment, advocating their positions to advance UK commercial interests, in close coordination with the DIT Financial and Professional Services team.
- Lead delivery of key events during high profile bilateral visits of UK Ministers and senior officials, in particular the annual EFD. In the past, this has included a business roundtable with the Bank of England Governor and lunch with Finance Ministers and the India-UK Financial Partnership.
1. Analysis of the financial sector and monetary policy
- Produce authoritative analysis and reporting on key developments in the Indian financial sector and monetary policy for the UK government’s India network. This will include analysis of India’s banking sector, RBI Monetary Policy Committee decisions and significant developments in financial regulation, drawing out the implications for UK policy and business.
- Ensure that reporting is effectively tailored to the audience, which will include UK Ministers, senior officials, the UK’s High Commissioner to India and HM Trade Commissioner for South Asia, UK business groups, and colleagues across the India network.
- Devise and deliver an annual strategy for reporting on the financial sector, ensuring coverage of immediate developments and medium-term trends, through a range of formats including regular alerts and diplomatic cables
- Develop a strong network of leading Indian economic and financial sector thinkers to gain expert insights and intelligence that contributes to the UK government’s understanding of India’s economy
- Ensure that the team’s written output and presentation is sharp, concise, punchy and opinionated – drawing in stakeholders who are not experts in economics
- Conduct briefing sessions for UK businesses in India and visiting stakeholders from Government and business.
1. Financial services programme
- Take a leading role in shaping and delivering the UK-India Technical Assistance Programme on Financial Services, working with external implementers to deliver high quality and high impact interventions including public conferences, training programmes, research reports, expert roundtables and study missions.
- Drive engagement and partnerships on financial services with state governments, coordinating the activities of the UK’s regional network of Prosperity Advisors in the financial services space
- Work closely with the Senior Programme Manager and external implementers to ensure effective co-ordination of the team’s technical assistance programmes. This would include active roles in procurement, risk management, communications, financial management and Monitoring, Reporting, Evaluation and Learning (MREL) functions.
- Work closely with the DIT Financial and Professional Services team to leverage the programme to create opportunities for partnerships between international businesses, including those in the UK, and Indian businesses.
- Develop links with other bodies working on financial services technical assistance including UK trade bodies and multilateral agencies like the World Bank.
- Support the broader UK Prosperity Fund effort, working closely with the Prosperity Portfolio team and building appropriate links with other UK technical assistance programmes (Ease of Doing Business, urban development, energy).
Resources managed (staff and expenditure):
Responsibility for policy oversight of £8 million FCO Prosperity Fund Financial Services programme that runs until 2022/23.
Learning and development opportunities:
We place a strong emphasis on learning and development and there are wide ranging opportunities to take part in job-relevant training. You will be encouraged to undertake such training and get involved in corporate activities.
This role provides an excellent opportunity to build up knowledge of India’s financial sector and gain exposure to working across government. On the programme side, you will have access to existing and new Project & Programme Management L&D.
Other skills / experience / qualifications:
Essential on arrival:
- Degree level qualification in Economics, Finance or a related discipline
- At least five years work experience in the financial sector or financial policy world
- Experience of working with policymakers, including the Indian government and financial regulators
- Strong experience of international financial markets
- Ability to work autonomously and proactively.
- Masters degree in Economics or Finance
- Experience of working with and knowledge of the City of London
- Professional qualifications in the financial sector e.g. CFA.
- Experience of working with consultants and delivery partners
- Experience of programme management of technical assistance programmes including in the international development field
The starting salary will be INR 127,252 plus 12% provident fund and 6% Super annuation fund per month.
BHC offers great benefits package that includes annual domiciliary medical cover, plus a Group Hospitalisation Scheme with Rs 500,000 floater cover for your immediate family.
The BHC is recognised as a good employer, with a robust, fair and transparent performance management & appraisal system linked to increments and staff bonuses. We have a 5-day working week, plus annual leave, public holidays, maternity leave provision, special leave, paid sick leave provision; ample development opportunities, travel opportunities, a good organisational culture, and excellent work/life balance.
Around half of our work force is women. We treat people with respect and equality and have a policy of zero tolerance for any form of discrimination, bullying, or harassment. This is a good opportunity to be part of a strong, diverse team, working in the biggest network that FCO has anywhere across the globe. We are aiming to make it the best.
Please note applications without (a), (b) and (c) will not be considered.
a) Complete the Online Application Form
b) Attach a detailed CV
c) Complete the motivation segment in the Online Application Form and the competency questions.
Internal Candidates please Note:
- While applying for this position, upload the appraisal forms for the previous 2 years (if applicable) else the application will not be considered.
- Inform the line manager before applying for the position.
We will accept only online applications by “19th August 2019” midnight.
Please Note :
- Applicants who do not have the required qualification & experience should kindly abstain from applying, as their applications will not be considered.
- Only shortlisted candidates will be contacted and no telephone enquires will be dealt with.
- The appointment will be subject to Police Verification and other checks including references, educational and professional.
We welcome all applications irrespective of age, race, colour, gender, disability, sexual orientation, religion, belief or creed. We are also open to applications from people who want to work flexibly.
This opportunity is closed to applications.