Mr Hall has 25 years’ experience working in the financial markets, most recently as Portfolio Manager at Eisler Capital. He will serve a three-year term, which will begin on 1 September 2020. His appointment fills the position previously held by Martin Taylor, who stepped down from the Committee at the end of March 2020.
The Chancellor of the Exchequer, Rishi Sunak, said:
The role of the FPC in enhancing and protecting the stability of the UK’s financial system has never been more important, and having highly qualified people on the committee is key. That’s why I’m very pleased to welcome Jonathan to the role. His wide-ranging expertise and experience built up over years working in financial markets will be hugely beneficial as we work to open up the economy following the Coronavirus pandemic, underpinned and supported by our world-leading financial system.
The Governor of the Bank of England, Andrew Bailey, said:
Jonathan has a wealth of experience and I look forward to welcoming him to the FPC. As a committee, more than ever as we address the economic challenges of the pandemic, we need to protect and enhance the resilience of the UK financial system. I am certain that Jonathan’s insights from financial markets will prove invaluable to our financial policymaking decisions.
Jonathan Hall has previously worked as a Portfolio Manager at Eisler Capital, where he helped establish, launch and grow the organisation. Jonathan has also worked as an Advisory Director at Goldman Sachs where he sat on the Board and Executive Committee of ISDA, the Board of Tradeweb, the Financial Stability Board Market Participants Group on reforming Interest Rate Benchmarks, and the Bank of England Working Group on Risk-Free Reference Rates.
Prior to this, Jonathan spent 10 years at Goldman Sachs in London and New York. He became a Managing Director in 2006 and Partner in 2008. Before that, Jonathan worked at Credit Suisse Financial Products in London, Tokyo, Sydney and Hong Kong. Additionally, Jonathan is a member of the Founders Circle of the Institute for the Future of Work (IFOW) and is in the process of completing a PhD in Philosophy of Mind, focusing on belief formation and reasons-responsiveness.
About the appointment process
Jonathan Hall has been appointed following an open recruitment process. As part of this process, HM Treasury recruited an executive search agency. A panel comprising Charles Roxburgh (Second Permanent Secretary, HM Treasury) and Katharine Braddick (Director General Financial Services, HM Treasury) and Richard Sharp (external member of the FPC from 2013 to 2019) interviewed a number of candidates and made recommendations to the Chancellor, which informed his decision.
There were 62 applications, of which five candidates were shortlisted for interview. The gender breakdown of the applicants for this appointment is below:
||Shortlisted for interview
|FPC External Member
||18 women, 43 men, 1 undisclosed
||2 women, 3 men
About the Financial Policy Committee
The FPC is the UK’s macroprudential regulator: 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: the Governor, four Deputy Governors and the Executive Director for Financial Stability Strategy and Risk
There are also five external members who are selected from outside the Bank for their experience and expertise in financial services
The Committee also includes the Chief Executive of the Financial Conduct Authority and one non-voting member from HM Treasury