The Financial Policy Committee (FPC), pivotal in shaping UK financial policies, has welcomed Liz Oakes as a new external member and confirmed Carolyn Wilkins for a second term, as announced by the Chancellor of the Exchequer, Jeremy Hunt.
Oakes fills the vacancy left by Elisabeth Stheeman, and her term is set to commence on 3 June 2024.
The FPC plays a crucial role in the UK’s financial stability, operating under the umbrella of the Bank of England. It is tasked with identifying, monitoring, and taking action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system.
Liz Oakes brings a wealth of experience from the financial services sector, especially in payments. She has occupied several senior positions, driving strategy, market, and product development across global financial and professional services firms. Carolyn Wilkins, reappointed for a second term beginning 21 June 2024, has an extensive background in central banking, including her recent role as Senior Deputy Governor at the Bank of Canada.
The appointment process for these roles was transparent and competitive. HM Treasury employed an executive search agency to support the process, which involved a selection panel including Gwyneth Nurse, Jonathan Hall, and Douglas Flint, who interviewed the candidates and made recommendations to the Chancellor.
Out of 17 applicants, 7 were shortlisted for interviews, with one candidate withdrawing before the interview phase. This rigorous selection process underscores the critical nature of the FPC’s work and the importance of having experienced professionals like Ms. Oakes and Ms. Wilkins.
“Chancellor Jeremy Hunt said, “Liz Oakes and Carolyn Wilkins bring invaluable experience to the FPC, ensuring it remains robust in its mission to safeguard the UK’s financial stability.”
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