The Chancellor of the Exchequer, Jeremy Hunt, 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.
