The appointment of Liz Oakes and the reappointment of Carolyn Wilkins as external members of the Financial Policy Committee (FPC) has been announced by the Chancellor of the Exchequer, Jeremy Hunt.
Liz Oakes, an experienced professional in the financial services sector with a focus on payments, has been appointed to replace Elisabeth Stheeman. Her three-year term will commence on 3 June.
With a wealth of experience in executive and board-level roles in financial and professional services firms, Liz Oakes is well-equipped to contribute to the FPC’s objectives of identifying, monitoring, and addressing systemic risks to protect and enhance the stability of the UK’s financial system.
In addition to Liz Oakes’ appointment, Carolyn Wilkins has been reappointed for a second term on the FPC, commencing on 21 June 2024. With 20 years of experience in central banking, including her most recent position as Senior Deputy Governor at the Bank of Canada, Wilkins brings valuable expertise to the Committee.
The appointment process for external members of the FPC involved an open recruitment process facilitated by an executive search agency appointed by HM Treasury. A panel comprising of Gwyneth Nurse, Jonathan Hall, and Douglas Flint conducted interviews and made recommendations to the Chancellor, contributing to his decision.
Out of 17 applications, 7 candidates were shortlisted for interview, resulting in the appointment of Liz Oakes and demonstrating a commitment to a rigorous and transparent selection process.
The Financial Policy Committee, the UK’s macroprudential authority, is comprised of thirteen members, including six Bank of England staff and five external members appointed by the Chancellor. The Committee’s structure also includes the Chief Executive of the Financial Conduct Authority and one non-voting member from HM Treasury.
The Bank of England has established robust procedures to manage potential conflicts of interest, ensuring the independence, integrity, and impartiality of the Committee and upholding its credibility.
The addition of Liz Oakes and the reappointment of Carolyn Wilkins bring a wealth of knowledge and experience to the Financial Policy Committee, further strengthening its ability to fulfil its crucial mandate of safeguarding the stability of the UK’s financial system.