BoE reshapes legal team in response to regulatory demands

The Bank of England (BoE) has created two new legal jobs due to an influx in work from its financial services regulatory body Prudential Regulation Authority (PRA).

The head of BoE’s insurance division Jonathan Grant, who led on the integration of the PRA after it was created by the 2012 Financial Services Act, is now head of financial stability and market infrastructure.

His promotion comes alongside that of Jacqueline Joyston-Bechal, who now leads the markets and banking team. A spokesperson confirmed the promotions, pointing out that both had been with the UK central bank for almost a decade. 

Both will report to chief legal officer Graham Nicholson, a partner at Freshfields Bruckhaus Deringer before he took up the BoE’s most senior legal role in 2008 (1 October 2008). 

The BoE is a long-standing client of Freshfields, with the firm advising the bank on the nationalisation of troubled bank Bradford & Bingley the year Nicholson joined (29 September 2008). A spokesperson would not comment on how its external legal advisers might be impacted by the promotions. 

Sources say the promotions are due to an increasing workload from the the PRA, a subsidary of the BoE which regulates around 1,700 financial firms and is responsible for the supervision of banks, building societies, credit unions, insurers and major investment firms.

The BoE would not provide further comment.