Competition and Regulatory Economist

The Financial Reporting Council (FRC) mission is to serve the public interest by setting high standards of corporate governance, reporting and audit and holding to account those responsible for delivering them. We are the UK Competent Authority for audit.  We also set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work, and monitor and take action to promote the quality of corporate reporting and operate independent enforcement arrangements for accountants and actuaries. Further information about our role can be found at www.frc.org.uk.

The Economics, Strategy and Analytics Team provides market intelligence, data analysis, economic advice, and research to support the development and delivery of the FRC’s Strategy. We help teams estimate the costs and benefits of new regulatory initiatives and provide economic and analytical input which informs all aspects of the FRC’s work. We also lead on the FRC’s research strategy, and commission and manage research projects.

This is an opportunity to provide economic advice and analysis on competition in the statutory audit market and how it relates to the FRC’s objectives on supporting delivery of high-quality audit and greater resilience in the audit market. Subject to the outcome of the Government’s consultation Restoring trust in audit and corporate governance, the role holder will advise on the implementation of the measures proposed on competition and choice in the audit market, including potential legislation for the Audit, Reporting and Governance Authority (ARGA) to have a competition objective to promote competition in the market for statutory audit services, and to monitor, evaluate and report on progress. As required, the role holder may also work on other regulatory measures, ensuring that they are designed, appraised, and evaluated based on evidence. In particular, to support the FRC’s transformation into ARGA, by advising on a programme of work aimed at reviewing and revising standards, codes and guidance, where appropriate, in advance of legislation.

The Role:

The role involves working in close collaboration with the FRC’s Head of Competition Policy and colleagues across the FRC to:

• provide economic advice and analysis to help develop and implement measures proposed on competition and choice in the audit market
• communicate that advice to senior-decision-makers, including by contributing to and presenting papers to the FRC Board, Executive Committee, and other Committees as appropriate
• monitor and assess the level of, and trends in, competition in the statutory audit market
• appraise and evaluate the impact of FRC regulatory measures designed to promote competition in the statutory audit market (and to achieve other regulatory objectives, as required)
• engage with external stakeholders as appropriate on competition and regulatory economics issues
• assess how any changes in competition impact on the FRC’s objectives to support delivery of high-quality audit and greater resilience in the audit market 
• design and implement any official data collection, analysis and reporting necessitated if a competition objective is placed on ARGA

The Person:

• Educated to degree level in economics or another mathematical discipline, preferably with a post-graduate qualification in economics, especially if first degree is not economics, with at least five years, post-graduate work experience.
• Experience advising on competition and regulatory policy issues (or at least in a closely related area of applied economics), in particular, practical work experience in the economic analysis of markets.
• Experience in applying competition policy in broader regulatory environment(s) including for example in regulatory projects such as market studies, investigations, actions and appeals or similar, an advantage.
• Understanding of the UK competition policy landscape, including concurrency regulation and the legal framework.
• Understanding of the UK regulatory policy landscape.
• Good knowledge of the Government’s regulatory impact assessment framework and its requirements.
• Excellent analytical skills including the ability to understand different perspectives, for example, on competition in the context of broader regulatory frameworks and to articulate the costs and benefits of different policy positions.
• Excellent written and oral communication skills including experience of drafting high quality advice and analysis on policy proposals and distilling complex issues into clear and succinct messages.
• Knowledge of relevant research and academic literature, relationships with relevant academics/experts, and experience managing research projects would be an advantage.
• Knowledge of current issues in the audit market, and of the interactions between audit quality and competition would also be an advantage.

The role is based in our Central London Office. The post holder should be able to work flexibly to support the team’s activities and also provide cover within the FRC as necessary.

Rewards and benefits

• The FRC offers competitive remuneration packages, including 30 days annual leave plus ability to buy extra leave
• The FRC has a strong work/ life balance ethos.

The FRC believes that equality of opportunity and diversity is important in the work that we do, and we are strongly committed to being an inclusive employer. Our values of being fair and independent supports this commitment. We are a signatory to the Government's Disability Confident scheme, which means that we guarantee an interview to any disabled candidates entering under the scheme, should they meet the minimum criteria for a role.

Equal opportunities monitoring is an important means of demonstrating and implementing our commitment to promoting equality of opportunity and diversity. Completing our diversity form will assist the FRC to identify any barriers that prevent access to employment and career development for certain groups of people, and to develop solutions, such as action plans, new policies and practices. The form is completed on a voluntary basis and we strongly encourage all job applicants to complete it.

Please apply by following the link our website https://www.frc.org.uk/frc-for-you/careers and uploading a copy of your CV and covering letter. In the covering letter, please set out, by reference to the person specification above, how you meet the required skillset