Bank of England Legal Department
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If you would like to link to a website other than the one described above, please contact firstname.lastname@example.org. Sonya: I`d break it down a bit. It is a very big request to an advocate general if he has the integrity that one would expect to ask him to sit on a board of directors as general counsel, but also to sit on the board and play his role as a board member in general. They then wear a number of different hats at the same time. I would say that you get the most out of an Advocate General by letting him oversee the Board of Directors and generously giving him time to intervene as General Counsel and/or participate in discussions without asking him to do anything else. It works effectively at the bank in the sense that I will talk about the risks in general, both legal and reputational, and concerns of that kind; However, I am not being asked to make the final decision in the room. I then resign for the board of directors because at the end of the day, the other board members evaluate the verdict while I speak with a certain board or a certain point of view. Sonya: I`d be hard-pressed to divide myself into one of these descriptions because the reality is that each of them is a role I`ve played, and on a relatively higher level. In addition, each of these characterizations are aspects of my current role on a daily basis.
In general, I identify as someone who is motivated by working in a team that is motivated by a compelling and committed mission and shares a set of shared values. You can find such a strong sense of mission in the public sector. You can find it in the house. You can find it in a private practice. This is, of course, more common in the public sector. But I think I could feel just as comfortable in a legal or non-legal role in a for-profit company if it had a very strong mission and a cohesive team trying to fulfill that mission. This, combined with the commitment of our lawyers, paralegals and dedicated support staff, makes our Legal Department the in-house legal team of the year 2022! If you are at the beginning of your legal career, we offer a trainee lawyer development program. As part of the programme, you will study for the Lawyers Qualification Examination (SQE) alongside our work and gain valuable experience at the heart of the Bank of England to qualify as a lawyer at the end of the programme. I think the most important thing of all is that you build credibility – and as Advocate General, you need to build credibility at all levels. So you need to build credibility as an accessible and trustworthy ear so that employees from all walks of life, legal and non-legal, and from all ranks, feel that despite your title, they could still pick up the phone with you. But you also need to strengthen the credibility of your peer network. I think the best way to do that is to be seen as part of the broader strategic leadership team, as well as legal counsel to an institution.
This means fully engaging in this strategic leadership role, taking it seriously, contributing to the entire company or institution, and understanding the broader challenges we face. You also need to have the ability to be trustworthy and credible at the top, which sometimes involves discreet conversations, one-on-one and giving advice, which puts you in a unique position with your peers to balance all these challenges and increase the pressure to get it right. It takes time to hone these skills and also build some confidence in your own judgment. You also need to be prepared to go out on your own at each of these levels if necessary – to be the advocate for very young employees who are tackling an issue that you think is a real concern; for calling your colleagues when you think there is a certain level of groupthink; and telling the truth to senior managers of an institution when you feel that a message has not been disclosed. And that means being a discreet and trustworthy ear when leaders need this advice, knowing that you are in a position that sets you apart from your peers, but at the same time don`t allow it to mean moving away from the institution at large. It`s a difficult balance! About 65 percent of the U.K. central bank`s legal team, which has grown from 90 to more than 150 since joining the U.K. central bank four years ago, has been involved in reviewing about 10,000 pages of legislation and pursuing 39 legal instruments since the 2016 referendum, which it helped draft. “The total number was 6,000 pages of binding technical standards, 6,000 rules to be amended and 4,000 pages of secondary legislation,” she notes. “It simply means having a regulatory framework for the UK financial services sector that is appropriate to the objective at the point of exit.” You are not expected to be an expert in all aspects of our work to join the legal team. When you join our team, we`ll show you the ropes and support you every step of the way. The Legal Department generally offers in-house legal advice, but uses external consultants if necessary.
It consists of an Advocate General and around 150 colleagues from the private and public sectors as well as from many different legal and cultural backgrounds. The increasing diversity of the legal team is surpassed only by the diversity of legal work. The Legal Department has been named In-House Legal Team of the Year 2020. Management fully supports part-time and flexible work – more than a third of the team works part-time. In my interview with the Governor, I made it clear that the lack of a credible internal succession route for the GoC is a matter of legal risk management. Richard Moorhead: Steven and I both like to think we`ve had interesting careers, but it`s an incredible set of things you`ve been involved in. When you went to ofT, were most of these roles management or leadership roles? Were they legal roles? Or was it a mixture? By expanding roles and establishing clearer structures, the Branch believes that the legal function will become more resilient and coherent. “When I joined, there was no clear management team, no clear path for an internal successor, no consistent job descriptions,” she says. “The bank`s mandate is huge and the governance structures are tailor-made. So there is a steep learning curve for each new carpenter. In fact, in my interview with the Governor, I made it clear that I see the lack of a credible internal succession pathway for the GoC ROLE as a matter of legal risk management.