Head of Department, Capital Markets in London

About the FCA

At the FCA, we’re creating a fair and more resilient financial system. We’re establishing more transparent relationships between financial services and customers, building trust in financial markets and protecting vulnerable consumers.

We’re currently on an exciting journey as we drive forward significant organisational, people, process, and technology transformation to become a more forward-thinking, proactive regulator. We will use data more effectively to drive better regulatory decisions and build greater cohesion across our broad financial services remit.

Significant improvements in digital enablement, business intelligence, market data and information management maturity are all being pursued to maintain our position as a world leader in financial services regulation.

In March 2025, the FCA launched a new 5-year strategy to deepen trust, rebalance risk, support growth and improve lives. The FCA will focus on four priorities:

• Be a smarter regulator; predictable, purposeful and proportionate. The FCA will improve its processes and embrace technology to become more efficient and effective.
• Support sustained economic growth, by enabling investment, innovation and ensuring the continued competitiveness of the UK’s world-leading financial services.
• Help consumers navigate their financial lives by working with industry to boost trust, product innovation and ensuring the right information and support is available for people to take financial decisions.
• Fight financial crime, focusing on those who seek to use the fact they are regulated to do harm. It will go further to disrupt criminals and support firms to be an effective line of defence.

The Role

An exciting opportunity has arisen to take on the role of Head of Department for Capital Markets in SPC. The Capital Markets Department plays a pivotal role at the heart of the UK’s wholesale financial markets. The department is part of the Infrastructure & Exchanges Directorate within the wholesale markets area of Supervision, Policy and Competition (SPC). In broad terms our role is to set rules that govern how financial markets operate and also to supervise firms that are active in those markets. Specifically, the Capital Markets department is responsible for supervision of benchmark administrators and credit rating agencies; and policy in respect of primary markets, post-trade arrangements, market abuse, short selling, wholesale crypto, benchmarks and credit ratings.

The Department is playing a central role in delivering the FCA’s strategic priorities, particularly to support economic growth and be a smarter regulator. The UK occupies a pivotal position in global financial markets, being the second biggest global financial hub and first in the world for international debt issuance and foreign exchange trading. As part of our work to strengthen UK markets, we have been delivering an exciting programme of capital markets reforms, including the biggest listing rule changes for decades, major shifts in prospectus rules and a new public offer regime. This high-priority work to enhance UK capital markets will continue into the FCA’s new Strategy, as it plays a key role in supporting innovation and growth.

The opportunity has arisen to work as the Head of Capital Markets. Critical aspects of this important role are to: assess how to continue building UK capital markets’ capability; find the right balance between risk and growth; and how to grow digital capabilities. This will require UK capital market expertise and strong leadership skills as we build out our teams and capabilities.

The Head of Department will also work collaboratively across the FCA and engage closely with other regulatory agencies and with a broad range of stakeholders across industry. This is a unique opportunity to feed directly into the FCA’s strategic priority to strengthen UK wholesale markets and support innovation and economic growth at a critical time.

What will the candidate get from the role?

• Joining the Senior Leadership Team at the FCA during an exciting and challenging time of great change in financial services and its regulation.
• Leading a department of talented and committed people through significant projects whilst also delivering on business-as-usual objectives.
• Exposure to strategic issues and key players in the world of finance, both nationally and internationally.

Key responsibilities:

• Leading the continued development and delivery of the FCA’s capital market priorities through a period of significant change and development. This could involve assessing relative priorities in light of external events.
• Lead the further development and delivery of our supervisory strategies for credit rating agencies and benchmark providers, including in light of the ongoing evolution in the FCA’s supervisory approach.
• Developing our capabilities and understanding of markets through use of data analysis and tools, including championing new ways of working where appropriate.
• Forging and maintaining strong and collaborative partnerships with key internal stakeholders to ensure a coordinated, effective and forward-looking FCA approach to capital markets.
• Representing the FCA externally with credibility and authority, forging and maintaining relationships with external stakeholders (including domestic / international regulatory authorities and industry representatives), and driving a strong FCA narrative on UK capital markets.
• Leading the Department’s management team and Technical Specialists to ensure that we work effectively and there is a positive and inclusive culture. The HoD will need to make sure we recruit and retain high-quality staff and be on top of operational effectiveness and potential risks.
• Representing the Department at relevant FCA boards, committees and working groups. And playing an active role as a member of the FCA senior leadership team, including contributing to the success of the new FCA strategy.
• Delivering through others via coaching, influencing and negotiating skills with a range of internal and external stakeholders.

Skills/Experience Required

We’re proud to be a Disability Confident Employer, and therefore, people or individuals with disabilities and long-term conditions who best meet the minimum criteria for a role will go through to the next stage of the recruitment process. In cases of high application volumes we may progress applicants whose experience most closely matches the role’s key requirements.

Minimum

• Experience of managing and influencing key stakeholders, including senior decision makers internally and externally.
• In-depth experience and expert knowledge of UK capital markets, ideally with some market facing experience.
• Experience in leading teams with multiple deliverables, ideally related to policy and/or supervision of financial market activities.

Essential

• Role modelling strong leadership behaviours in line with FCA values.
• The ability to inclusively lead a group of talented individuals with a wide variety of professional expertise, experience, and backgrounds – in line with our DEI goals.
• An open and flexible management style and the ability to communicate effectively to a wide-ranging audience with different skills and perspectives.
• An analytical mind-set and a risk-based approach to decision making, including the ability to make effective judgments and decisions often in a time critical environment.
• Ability to act confidently within the legal framework under which key decisions are made and to identify legal risk.
• Excellent oral and written communication skills.
• The ability to deal with several competing priorities and work-streams, often under significant time pressure.
• A strong sense of the value of teamwork.

Desirable

• Good awareness of both the political and media interest in the FCA’s work and the ability to manage communications and relationships in these spheres sensitively.

The FCA’s Values & Diversity

Our ambition is to create a diverse and inclusive workplace that reflects the society we serve, helping us to be a better regulator. We serve the public and our decisions directly affect the wellbeing of people, businesses and the UK economy. So, our values matter. They represent the culture we aspire to every day, guiding our judgements, building trust and helping us to be ‘At our best’.

The FCA is committed to achieving greater diversity across all levels of our organisation. Given this, we particularly welcome applications from women, disabled, and minority ethnic candidates, as under-represented groups.

As an inclusive employer, we are open to considering flexible working arrangements, including job shares. Please inform your recruiter if you wish to apply for this role on a flexible basis.

As part of the FCA’s ongoing commitment to develop our national presence, most of our vacancies are now open to working in our Edinburgh, Leeds or London offices. This means that as part of the application process you will be able to select your preference of which office location you would like to work from.

Application Support

We want to remove any possible barriers and are committed to providing a wide range of reasonable adjustments so that you can keep the focus on your conversations and be at your best. If you have an accessibility requirement, disability, or condition that means you might require changes to the recruitment process, please contact your recruiter to discuss this further. Our aim is to make your application as easy as possible, and your recruiter will be happy to work with you to make any necessary arrangements where possible.

Benefits

Our competitive benefits scheme gives you the opportunity to create a personalised benefits package, tailored to suit your lifecycle. You can use this allowance to purchase additional benefits such as dental or cycle to work, or you have the option to top up your base salary by taking this as cash.

Core benefits that you will receive as standard are:

• 30 days holiday per year plus bank holidays
• Private healthcare with Bupa
• A non-contributory Pension of at least 8% of basic salary each month (there are several contribution levels that increase depending on your age- up to 12% a month once you reach age 35)
• Life assurance of eight times your basic salary
• Income protection

Conflicts of interest

All applicants to the FCA are required to demonstrate that they do not have other interests likely to conflict with their responsibilities as an employee of the FCA. You should declare any potential conflict of interest as early as possible in the selection process, and also disclose information or personal connections that, if appointed, might be open to misperception.

Any potential conflicts of interest will not prevent candidates going forward to interview but may, if appropriate, be explored during the interview to establish how the candidate would address the issue(s) should they be successful in their application.

Useful information

The closing date for this role is 23:55 on Sunday 21st June 2026. Selection will be via a two-stage interview and psychometric assessment.

If successful, you will be required to obtain and retain SC Clearance.

This role will be based in London, Leeds, or Edinburgh. We currently operate a hybrid working model, working a minimum of 40% in the office each month (50% for senior leaders). This way of working applies in our Stratford, Leeds and Edinburgh offices. From September 2026, FCA employees will be required to spend a minimum of 50% of their working time in the office. Our Executive Director and Directors will be expected to be in a minimum of 60% per month.

The salary range for the role is £140,000 to £170,000 in London, and £126,000 to £153,000 nationally.

To apply please submit your CV and cover letter. For further information about the role, please contact Luci Bines – luci.bines@fca.org.uk